Gold price today: Rs 50,703 per 10 gm, silver climbs to Rs 60,785 per kg

In New Delhi, the price of 22-carat gold rises to Rs 49,000 per 10 gram

Gold prices on Friday surged to new highs of Rs 50,703 from Rs 50,552 per 10 gram while prices of silver also climed to Rs 60,785 from Rs 60,586 per kg, according to India Bullion and Jewellers Association. 

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 49,000 per 10 gram. Gold in 24 carat in the national capital was retailing at Rs 50,200. In Chennai 22-carat climbed marginally to Rs 48,150 while the price of 24-carat gold price in Chennai was at Rs 52,500. In Mumbai, the rate was Rs 49,200 for 22 carat gold, according to the Good Returns website.

On MCX, gold prices rose over 1% to Rs 50,703 per 10 gram. Gold touched record highs but silver rallied to multi-year highs surpassing gold. Silver prices climbed marginally today on MCX to trade at Rs 61,120 per kg.

In international market, gold prices climbed over 1% to a nine-year high on Thursday, buoyed by weaker dollar and unprecedented stimulus measures to revive coronavirus-hit economies, while rise in US jobless claims underpinned fears of a slow recovery.

The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, suggesting the labor market was stalling amid a resurgence in new Covid-19 cases.

"It (jobless claims data) tells you that at least here in the States, we still have a long way to go before we recover," said Edward Meir, analyst at ED&F Man Capital Markets.

Spot gold was up 1.2% to $1,893.71 per ounce by 11:34 a.m. ET (1533 GMT), having hit its highest since September 2011 at $1,894.53.

US gold futures rose 1.4 % to $1,891.10.

Indicative of investor sentiment, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.4% to 1,225.01 tonnes on Wednesday, the highest since March 2013.

"Gold could overshoot much higher to the upside, but the subsequent decline will be quite dramatic as well ... As more economies reopen and return to normal activity, the economic data improves then there will not be much need to pile up in gold," Xiao said.

Elsewhere, silver fell 1.4% to $22.70 per ounce, after rallying to a nearly seven-year high, spurred by hopes for a revival in industrial activity.