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Gold price today: Rs 46,995 per 10 gram; silver at Rs 47,905 per kg

Fri May 29 2020

 

The gold prices today rose from Rs 46,290 to Rs 46,995 per 10 gram, while silver price was recorded at Rs 47,905 per kilogram, according to India Bullion and Jewellers Association (IBJA).

 

Domestic gold futures rose by 0.36 per cent on Thursday, 28 May, tracking global rates, as the country remained in the fourth phase of an extended lockdown to curb the spread of coronavirus outbreak.

 

The gold jewellery prices vary across India - the second largest consumer of the metal - due to excise duty, state taxes and making charges.

 

According to website goodreturns.in, the price for 24-carat gold in New Delhi was Rs 47,400 per 10 gram. Gold rate in Chennai was Rs 48,090 and Rs 46,900 in Mumbai, respectively.

 

The price of 22-carat gold is about Rs 45,600 in New Delhi per 10 gram while in Chennai, the price is at Rs 44,310. In Mumbai, it is Rs 45,900, as recorded on Thursday.

 

Meanwhile, the rates of silver also rose Rs 600 per kilogram on Thursday, according to goodreturns.in website.

 

The price of silver per kilogram across the country was Rs 48,500.

 

On Wednesday, the 24-carat gold rate was Rs 46,850, down Rs 50 from its previous day.

 

The lowest record of gold rate in April stood at Rs 41,670, though the overall performance was rising.

 

The gold-to-silver price ratio has witnessed erosion in values, with the white metal showing some strength following improved demand on lower price and stock scarcity amid lockdowns globally.

 

The ratio, which indicates how much silver can be bought for one ounce of gold, had tested 124 levels in March this year following weakening silver demand because of the economic slump. In the past few decades, hardly two times the ratio has touched or exceeded 100.

 

On the global front, gold rebounded on Thursday as deteriorating US-China relations over Beijing's move to impose a national-security law in Hong Kong fanned concerns over quick economic recovery and drove investors towards the safe-haven metal.

 

Spot gold was up 0.8 per cent at $1,722.70 per ounce, recovering from a two-week low of $1,693.22 touched in the previous session.

 

U.S. gold futures rose 0.8 per cent to $1,739.70.

 

Gold had dropped to its lowest in two-weeks on Wednesday as hopes of quick economic recovery drove investors towards riskier assets, although US-China tensions over Hong Kong put a floor under bullion prices.

 

Source: https://www.business-standard.com