Gold price today at Rs 55,950 per 10 gm, silver at Rs 67,800 per kg

Gold price today rose to Rs 55,950 per 10 gram from Rs 55,850 on Friday, while silver climbed to Rs 67,800 per kg from Rs 67,000, 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 rose to Rs 51,300 per 10 gram, and in Chennai to Rs 50,840. In Mumbai, the rate was Rs 50,980, according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 55,460 per 10 g. 

On MCX, August gold futures fell 0.26 per cent to Rs 52,016 per 10 gram. Silver September futures was at Rs 67,067 per kg. 

Consumer Affairs Minister Ram Vilas Paswan on Friday launched an online system for registration and renewal of licence of gold assaying and hallmarking centres. The online mode will bring ease of doing business for both jewellers and entrepreneurs who have established hallmarking centres or wish to do so.

Meanwhile, Sebi whole-time member S K Mohanty said on Friday that banks should source gold from the exchange platform and also utilise it for hedging and risk management. "Time has now come for banks to come forward and source gold from the exchange platform... also do their hedging and hedge risk management on the exchange platform itself.

"Indian gold standard can become an international gold standard when we display good governance and credibility before the international forum," Mohanty said. The exchange will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.

In order to generate confidence among the traders, dealers and other participants in terms of quality, the National Stock Exchange (NSE) had put in place robust risk management, auditing, testing methodology and other norms, Mohanty added.