Gold prices fall to Rs 54,380 per 10 gram, silver climbs to Rs 65,550 a kg

Gold prices Thursday fell to 54,380 from Rs 54,870 per 10 gram, while silver climbed to Rs 65,550 from Rs 65,500 per kg, 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 fell to Rs 49,850 per 10 gram, and in Chennai to Rs 49,190. In Mumbai, the rate was Rs 50,400, according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 53,660 per 10 gm. 

On MCX, October gold futures jumped 1.68 per cent to Rs 51,779 per 10 gram. Silver September futures was at Rs 67,529 per kg. 

Gold prices declined Rs 210 to Rs 51,963 per 10 gram in the national capital on Wednesday following a weak trend in the global market and rupee appreciation, according to HDFC Securities.

The precious metal had closed at Rs 52,173 per 10 gram in the previous trade.

Silver prices also tanked Rs 1,077 to Rs 65,178 per kg from Rs 66,255 per kg in the previous trade.

"Spot gold prices for 24 carat in Delhi continued to decline, losing Rs 210 with selling in global prices and rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee settled 3 paise higher at 74.30 (provisional) against the US dollar on Wednesday, supported by positive domestic equities and sustained foreign fund inflows.

In the international market, gold was trading lower at USD 1,918 per ounce, while silver was quoting flat at USD 26.45 per ounce. "Gold prices continued downside on Wednesday on positive sentiment on vaccine hopes and easing US-China trade tensions," Patel said.

Meanwhile, BSE's India International Exchange (India INX) has received regulatory approval for launching Gold Quanto and Silver Quanto futures contracts.

"Trading in these Quanto futures contracts at India INX will commence from Monday, August 31, 2020," a release said on Wednesday.

The underlying assets for Gold Quanto futures is Indian Gold spot purity 995 and for Silver Quanto futures is Indian Silver spot purity 999. According to the release, trading hours for these contracts would be from 4.30 am to 5 pm (session 1) and from 5 pm to 2.30 am (Session 2). It would be from Monday to Friday.