Gold Prices Slip To Rs 47,930/10 Grams, Silver Rates Decline Marginally To Rs 48,075/ Kg

In New Delhi, the retail price of 22-carat gold is at Rs 46,810 per 10 gram, while it is Rs 46,170 in Chennai and Rs 47,200 in Mumbai.

Gold prices touched a record high of Rs 48,589 per 10 gram earlier this week. (File Photo/ Getty)

New Delhi: Domestic gold prices slipped on Friday for the third day even as concerns over a spike in Covid-19 cases supported the rates of yellow metal globally. On MCX, gold slipped 0.02 per cent to Rs 47,930 per 10 gram compared to 0.3 per cent dip in the previous session. Silver rates also declined marginally with futures on MCX falling 0.1 per cent to Rs 48,075 per kg.  In New Delhi, the retail price of 22-carat gold is at Rs 46,810 per 10 gram, while in Chennai it is Rs 46,170. In Mumbai, the rate is Rs 47,200, according to the Good Returns website. While 24-carat gold prices in Chennai is Rs 50,380, according to GoodReturns.in. Gold prices touched a record high of Rs 48,589 per 10 gram earlier this week. Meanwhile, the bullion rates globally edged higher on Friday as the number of coronavirus cases across the world has witnessed a spike deterring hopes of a quick economic recovery. This has prompted investors to opt for safe-haven assets like bonds and gold. Spot gold was up 0.1 per cent at $1,763.48 per ounce. This week the gold surged over 1 per cent, with prices jumping near a near eight-year high of $1,779.06 per ounce earlier this week, according to business daily Mint. Other precious metals such as platinum dipped 0.1 per cent to $802.42 and silver fell 0.8 per cent at $17.74. In Japan, additional stimulus from Bank of Japan is expected which lifted the sentiments after governor Haruhiko Kuroda said second-round effects of the coronavirus pandemic could hurt the Japanese economy "considerably". Meanwhile, the US has witnessed a peak in the number of new coronavirus in a single day impacting the recovery. The new cases jumped to over 37,000 new cases on Thursday, which forced Texas to push its date of re-opening. Analysts opined that rising cases of coronavirus cases across the world and expectations of more stimulus led to the demand for gold. Gold is used as a safe investment during times of political and financial uncertainty. Hopes of further stimulus from central banks has also supported gold.