Gold price today jumped to Rs 52,650 from Rs 51,640 per 10 gm, while silver price was trending at Rs 63,900 per kg, according to the Good Returns website.
Gold jewellery price vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the gold price of 22-carat climbed to 48,060 per 10 gm, while in Chennai it jumped to Rs 46,530. In Mumbai, the rate was Rs 49,340 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,760 per 10 gm.
On the MCX, December gold futures fell 0.19 per cent to Rs 49,209 per 10 gm, while December silver futures were at Rs 63,848 per kg.
Gold demand moderated last week in India after local prices recovered from a five-month trough, while buyers in other major hubs were also put off by a slight uptick in prices.
“Until last week demand was very good, but now some buyers have taken a pause due to the price rise,” said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.
Local gold futures were at 49,400 rupees per 10 grams on Friday, up from 47,550 rupees earlier in the week which was the lowest level since June 19.
Jewellers made substantial purchases last month to replenish inventory, said a Kolkata-based bullion dealer, adding “a sudden price rise has been confusing jewellers. They are waiting for a clear direction.”
Indian dealers were charging a premium of $3.5 an ounce over official domestic prices this week, inclusive of 12.5 per cent import and 3 per cent sales levies, down from last week’s premium of $5.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
View original article here Source