According to the India Bullion and Jewelers Association (IBJA), the value of gold today rose from Rs 46,479 to Rs 46,844 per 10 grams, while silver fell from Rs 47,800 to Rs 47,695 per kg.
Prices of gold jewelery vary across India – the second largest consumer of the metal – due to excise, state taxes and duty making.
Domestic gold futures traded at Rs 46,450 per 10 gram in early losses, as the equity market fell more than 1% in the last hour of the session. MCX gold futures bounced to Rs 46,491 per 10 grams, a decrease of 390 or 0.85% from their previous close to Rs 45,950 per 10 grams.
According to Goodreturns.in, 24 carat gold in New Delhi is priced at Rs 46,400 per 10 grams. Gold rates are Rs 48,510 in Chennai and Rs 46,000 in Mumbai.
The price of 22 carat gold in New Delhi is Rs 45,200 per 10 grams, while the price in Chennai is Rs 4,470. In Mumbai it is Rs 45,000.
On Thursday, the website recorded the price of 24 carat gold at Rs 46,000, up from Rs 260 from the previous day.
Last month, gold recorded the lowest record at Rs 45,300 on May 12 and the highest price at Rs 47,600 on May 20.
According to Goodreturns.in, the price of silver across the country fell by Rs 40 to Rs 47,400 per kg.
Last week, the price of silver rose 3.33% in Mumbai’s Spot Jhaveri market, the highest in six and a half years, as investors booked white precious metal as an alternative to gold.
Globally, the gold-silver ratio recorded a historic increase of 117 last week. Silver provides a good opportunity to earn high returns.
Gold jumped more than 1% on Tuesday as risk appetite took a back seat, with investors waiting to clear on the state of the economy and further stimulus from the US Federal Reserve policy meeting.
Gold spot rose 1.3% to $ 1,717.33 an ounce. 10:16 am ET (1416 GMT), climbed for the second straight session. US gold futures climbed 1.2% to $ 1,726.10 per dollar. Large-scale global incentives to limit economic damage from the coronovirus epidemic have supported gold, which is considered a hedge against inflation and currency debility.