Gold price today at Rs 49,330 per 10 gm, silver trending at Rs 66,700/kg

Gold price on Monday fell to Rs 49,330 from Rs 49,340, while the silver price was trending at Rs 66,700 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 is at Rs 48,090 per 10 gm, while in Chennai it fell to Rs 46,540. In Mumbai, the rate was Rs 48,330 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,790 per 10 gm.

In the international market, Gold prices fell more than 1 per cent on Friday as a broader market sell-off weighed on the metal along with a firm dollar, while hopes for further stimulus from the US put bullion on track for its first weekly gain in three.

Spot gold fell 0.8 per cent to $1,855.23 per ounce by 1:42 p.m. EST (1842 GMT), retreating from a two-week high hit on Thursday. The metal was up 1.5 per cent so far last week. US gold futures settled down 0.5% to $1,856.20.

“Regardless of the asset class everything from equities to agricultural to softs are selling off and a lot of emphasis is on whether the stimulus could be passed and whether the (Covid-19) vaccine rollout could be effective,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

The strength in the dollar was also weighing on bullion with benchmark US Treasury yields firm above 1%, Streible said.

US President Joe Biden has proposed a $1.9 trillion coronavirus relief plan, though some Republicans have expressed

concerns over the amount.

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