Gold price today at Rs 48,220 per 10 gm, silver trending at Rs 66,600 a kg




today fell to Rs 48,220 from Rs 48,390, while silver price was trending at Rs 66,600 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 slipped to Rs 44,200 per 10 gm, while in Chennai it fell to Rs 42,120. In Mumbai, the rate was Rs 43,800 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 45,950 per 10 gm.


Gold imports, which have a bearing on the country’s current account deficit (CAD), fell 3.3 per cent to USD 26.11 billion during April-February 2020-21, according to the commerce ministry data.


Imports of the yellow metal stood at USD 27 billion in April-February 2019-20.


In the international market, fell 1% on Monday as investors opted for alternative safe-haven assets such as the U.S. dollar and bonds after Turkey’s abrupt decision to replace its central bank head with a critic of high interest rates sparked financial uncertainty.


Spot gold slipped 0.8% to $1,730.45 per ounce by 0853 GMT, having dipped as much as 1% earlier in the session. U.S. gold futures were down 0.7% at $1,729.60 per ounce.


“This morning when the Turkish Lira fell out of bid, we might have seen gold benefiting with the dollar and Japanese yen but that’s clearly not the case,” said Michael McCarthy, chief market strategist at CMC


“The stronger dollar seems to be the major driver for at the moment with the currency moves … It appears that U.S. dollar and yen remain the favourite choices.”


Turkey President Tayyip Erdogan replaced a hawkish central bank chief with an opponent of tight monetary policy on Saturday, in a shock move that raised concerns about the impact on other financial and supported the dollar as a safe-haven currency.


Gold, which is priced in dollar, also lost safe-haven flows to the yen and bonds.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link