Gold price slides Rs 188 to Rs 48,444 per 10 gm, silver is 48,870 per kg

Gold prices on Wednesday dropped Rs 188 to settle at Rs 48,444 per 10 gram while silver prices also plunged Rs 463 from Rs 49,333 to close at Rs 48,870 per kg, according to the Indian Bullion and Jewellers Association.

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

In Delhi, 22-carat gold prices slid to Rs 47,250 per 10 gm while 24-carat was retailing at Rs 48,450. In Chennai, 22-carat gold was priced at Rs 46,410 while the other other variant was sold at Rs 50,620. In Kolkata price of 22-carat was Rs 47,600 while in Mumbai the same variant would cost Rs 46,620, according to the Good Returns website.

However, on MCX price of August gold futures jumped 1.16% to Rs 48, 785 per 10 gram. Silver September futures soared 0.86% Rs 50,220 per kilogram. 

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 in the national capital jumped by Rs 102 to Rs 49,228 per 10 gram on Tuesday amid rupee depreciation, according to HDFC Securities. "Spot gold prices for 24 carat in Delhi were up by Rs 102 amid rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee extended the losses and settled 25 paise lower at 74.93 (provisional) against the US dollar on Tuesday.

In international market, gold prices held steady near an eight-year high on Tuesday as investors weighed a spike in Covid-19 cases around the world against a survey showing a rebound in US services industry activity and expectations of a revival in China's economy.

Spot gold was almost unchanged at $1,783.56 per ounce by 0652 GMT, just $5.40 shy of a near eight-year high hit last week. US gold futures edged 0.1% higher to $1,794.40.