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Gold price falls to Rs 48,100 per 10 gm, silver is Rs 49,600 a kg

Tue July 07 2020



Gold prices on Tuesday fell to Rs 48,100 from Rs 48, 320 per 10 gram, while silver climbed to Rs 49,600 from Rs 48,510 per kilogram, according to Good Returns website.


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


In New Delhi, the price of 22-carat gold slid to Rs 46,900 per 10 gram, and in Chennai to Rs 46,100. In Mumbai, the rate was Rs 47,950, according to the Good Returns website. The price of 24-carat gold prices in Chennai came to Rs 50,710.


On MCX, August gold futures jumped 0.37 per cent to Rs 48,225 per 10 gram. Silver July futures also climbed to Rs 49,790 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.


MCX received approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

Gold Mini Option August 2020, September 2020 and October 2020 contracts will be available for trading with effect from July 10, it added. The maximum single order size will be of 100 lots, it notified.


Gold prices fell by Rs 42 to Rs 48,964 per 10 gram in the national capital on Monday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,006 per 10 gram. Silver prices also declined by Rs 1,217 to Rs 49,060 per kg from Rs 50,277 per kg in the previous trade.


In the international market, gold was quoting higher at USD 1,776 per ounce, while silver was trading at USD 18.10 per ounce.


"Gold prices may get support over concerns on rising virus cases in US and other major economies," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.