Gold price rises to Rs 44,710 per 10 gm, silver trending at Rs 67,400/kg




Gold price inched up by Rs 280 to Rs 44,710 per 10 gm on Friday, while Silver price rose by Rs 400 to trend at Rs 67,400 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 increased by Rs 350 to Rs 44,300 per 10 gm, while in Chennai it rose to Rs 42,500. In Mumbai, the rate inched up to Rs 43,710, according to the website. The price of 24-carat gold in Chennai also increase by Rs 360 to retail at Rs 46,340 per 10 gm.


In the international market, Gold eased off a one-week high on Thursday after US Treasury yields rose after better-than-expected jobless claims data.


Spot gold fell 0.1 per cent to $1,725.00 per ounce by 1:57 p.m EST (1856 GMT), after hitting its highest since March 3 at $1,739.63 earlier.


US gold futures settled little changed at $1,722.60.


“10-year Treasury yields have now bounced again, which has stabilized the dollar and is taking some air out of gold,” said Tai Wong, a trader at investment bank BMO in New York.


“We may have seen short-term lows at $1,680 per ounce, but a higher-yield environment is likely to prevent a significant rally; Perhaps a $1,700-$1,800 range in the near term as market tries to find equilibrium in yields.”


Data showed the number of Americans filing new claims for jobless benefits dropped to a four-month low last week.


Better-than-expected economic numbers lifted 10-year Treasury yields above 1.5 per cent, while the dollar index moved away from a one-week low.


“Bond yields have been rising in recent weeks on worries about problematic inflation surfacing as the major economies of the world have turned on their money spigots wide open over the past year,” said Kitco Metals senior analyst Jim Wyckoff in a note.


While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion.

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