Gold price today at Rs 50,030 per 10 gm, silver trending at Rs 67,800 a kg

Gold price on Friday was fell to Rs 50,030 for 10 gm from Rs 50,120 and silver price is trending at Rs 67,800 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 is at Rs 45,860 per 10 gm, while in Chennai it fell to Rs 43,630. The rate in Mumbai was Rs 44,850 according to the website. The price of 24-carat gold in Chennai was Rs 47,600 per 10 gm.  

Gold jumped Rs 159 to Rs 46,301 per 10 gram in the national capital on Thursday reflecting recovery in international precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 46,142 per 10 gram. Silver also gained Rs 206 to Rs 67,168 per kilogram from Rs 66,962 per kilogram in the previous trade.

In the international market, Gold jumped to its highest in over a month on Thursday as the dollar and U.S. Treasury yields retreated despite better-than-expected U.S. economic data, pushing more investors to bullion as a refuge against possible inflation ahead.

Spot gold rose 1.7% to $1,766.13 per ounce by 11:07 a.m. EDT (1507 GMT), having earlier risen to $1,767.60, its highest since Feb. 26. U.S. gold futures gained 1.8% to $1,767.10.

"A massive amount of inflation is certainly on the horizon and gold is just the best asset to own as we start to see what I would consider some historic levels of inflation," said Jeffrey Sica, founder of Circle Squared Alternative Investments.

"It is more of a weak dollar, strong economy, low interest rate dynamic that's moving gold prices up," Sica added.

Making gold more appealing for holders of other currencies, the dollar slumped to a four-week low, while retreating benchmark 10-year U.S. Treasury yields further boosted bullion's appeal.

Gold briefly pared gains after robust U.S. data showed a better-than-expected rebound in retail sales in March, while weekly initial claims for state unemployment benefits dropped to the lowest level since mid-March 2020.