Gold price today at Rs 47,080 per 10 gm, silver trending at Rs 69,200 a kg

The price for 10 gm of 22-carat gold  on Thursday increased to Rs 47,080 from Rs 46,890. Silver slumped to Rs 69,200 per kg, according to the Good Returns website.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

In New Delhi, the price of 22-carat gold was hiked to Rs 47,050 per 10 gm. In Chennai, it was up to Rs 45,310. The  Mumbai rate is Rs 47,080, according to the website.

The price for 24-carat surged to Rs 48,080 per 10 gm on Thursday from Rs 47,890 in the previous trading session.

Silver, on Thursday, witnessed a decline of Rs 200 to Rs 69,200 from Rs 69,400 per kilogram on Wednesday.

Halting its three-day winning run, the rupee on Wednesday declined by 10 paise to close at 74.59 (provisional) against the US dollar.

In the global market,  gold jumped on Wednesday after US Federal Reserve Chair Jerome Powell reassured investors that the central bank would continue its accommodative monetary policy despite a spike in inflation readings.

Spot gold rose about 1% to $1,824.75 per ounce by 2:46 pm EDT. US gold futures settled up 0.8% at $1,825.

Gold is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-interest bearing bullion. A weakened dollar, which restored gold’s allure to holders of other currencies, and a dip in US treasury yields, added further support.