Gold prices today: Rs 48,575 per 10 gm; silver falls to Rs 48,505

In New Delhi, the price of 22-carat gold is about Rs 47,050 per 10 gram, while price of 24-carat is retailing at Rs 48,250 today

Gold on Thursday continued its upward trend as fears about the coronavirus pandemic dented market sentiments. Gold prices stood at Rs 48,575 per 10 gram from Rs 48,482 while prices of silver dropped to Rs 48,505 from Rs 48,792 per kg, according to Indian Bullion and Jewellers Association.

The prices of gold jewellery 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 is about Rs 47,050 per 10 gram, while price of 24-carat is retailing at Rs 48,250 on Thursday. In Chennai it is Rs 46,350 for 22-carat while price of 24-carat is at Rs 50,560. In Mumbai, 22-carat is priced at Rs 47,400 and the price for 24-carat has inched up to Rs 48,400.

At Zaveri Bazaar on Wednesday, 999 purity gold, the international delivery standard, closed at Rs 48,575 per 10 gram. With a 3 per cent GST, the price of 999 purity gold crossed the Rs 50, 000-mark; anyone buying a 24 carat 10 gram gold coin would have to shell out more than Rs 50,000 (including making charges). 

On MCX, August gold futures fell 0.19% per cent to Rs 48,142 per 10 gram while July silver futures were trading at Rs 47,840 per kg with a loss of 1.94% as well. MCX, which runs the country’s largest commodity derivatives segment (CDS), on Tuesday received SEBI approval to offer trading on gold mini (100 gm) and silver 5 kilo options.The gold mini option will be launched from August expiry onwards with expiry matching with gold mini futures. Normal expiry date is 5th of every month for mini futures. Three concurrent month contracts will be available, tick size will be 50 paise and price intervals between strikes at Rs 100. The maximum client position limit will be 10 tonnes and for broker, 100 tonnes.

In international market, rising concerns about a surge in coronavirus infections sent global equities lower on Wednesday and pushed investors into perceived safe havens such as gold, which hovered near its highest level in eight years.

Spot gold rose 0.3% to $1,772.43 per ounce by 1213 GMT, having earlier hit its highest since October 2012 at $1,779.06.

US gold futures rose 0.6% to $1,791.80 per ounce.

"Everybody is worried about a second wave of the coronavirus not only in the US, but in Latin America, Brazil and Russia, so that's supporting the rally," said Jigar Trivedi, commodities analyst at Mumbai broker Anand Rathi Shares.

"People are expecting stimulus packages from central banks and higher the stimulus, better the prospects for gold." "Technicals are looking mighty bullish on the daily charts ... Solid daily close above $1,765 may encourage a move towards $1,796 and $1,800," said FXTM analyst Lukman Otunuga.

Otunuga also said: "Any signs of the world economy recovering quicker than expected is poised to boost attraction towards riskier assets at the expense of safe-havens like gold."

Indicative of investor sentiment, holdings in SPDR Gold Trust, rose 0.28% to 1,169.25 tonnes on Tuesday, its highest level since April 2013.