Gold price today at Rs 48,060 per 10 gm, silver falls to Rs 47,600 per kg

In New Delhi, gold price today of 22-carat gold is holding steady at Rs 46,810 per 10 gram, while in Chennai it is Rs 46,170

Gold prices jumped to Rs 48,070 from Rs 48,060 per 10 gram, while silver fell to Rs 47,600 from Rs 48,450 per kilogram on Friday, according to the Good Returns.

The prices of gold jewellery vary across India, which is 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 is holding steady at Rs 46,810 per 10 gram, while in Chennai it is Rs 46,170. In Mumbai, the rate is Rs 47,200, according to the Good Returns website. Prices of 24-carat gold prices in Chennai is Rs 50,380. 

On MCX, August gold futures fell 0.40 per cent to Rs 47,941 per 10 gram. Silver July futures rose nearly 0.69 per cent to Rs 48,116 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

On Thursday, gold prices fell by Rs 293 to Rs 49,072 per 10 gram in the national capital on Thursday amid rupee appreciation, according to HDFC Securities. Silver also plunged Rs 598 to Rs 48,705 per kg from Rs 49,303 per kg in the previous trade.

In the international market, gold was quoting with gains at $1,767 per ounce, while silver was trading at $17.58 per ounce.

"The rising virus cases and worries over economic recovery has led gold prices to the highest levels since 2012," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

On the US-China front, sentiments improved after China said it planned to accelerate purchases of American farm goods to comply with the phase one trade deal.

The ongoing clash between India and China, coupled with the US-China trade war and the scheduled election in the US, has raised gold’s safe haven appeal.