Gold Prices Retreat To Touch Rs 47,920 Per 10 Gram, Silver Rates Slip To 48,311 Per Kg

Globally, gold prices remain firm as the spike in coronavirus cases across the world has old bolstered the safe-haven appeal of gold.

Photo: AFP

New Delhi, June 23: Domestic gold prices on Tuesday retreated in early session after hitting a record high with gold futures on MCX slipping marginally to ₹47,920 per 10 gram. The yellow metal on Monday touched a record high of ₹48,289 per 10 gram before paring most of the gains, while silver rates edged lower. On MCX Silver futures dipped 0.4 per cent to ₹48,311 per kg. ALSO READ: Markets Remain Choppy In Opening Session, IndusInd Bank, NTPC Remain Top Sensex Gainers At present, the price of 22-carat gold in New Delhi is at Rs 47,000 per 10 gram, while in Chennai it is Rs 46,290 per 10 gram, according to personal finance and daily news website Good Returns. While prices in Mumbai, it is Rs 46,600 whereas prices of 24-carat gold prices in Chennai is Rs 50,580. As per the news agency Reuters, in the domestic market dealers were giving a discount of up to $13 an ounce over official domestic prices last week. This is down from last week's $20. Gold jewellery prices are different across the country, and India is considered the second-largest consumer of the metal.  The gold prices in the domestic market include 12.5 per cent import tax and 3 per cent GST and other charges. Globally, gold prices remain firm as the spike in coronavirus cases across the world has old bolstered the safe-haven appeal of gold. Spot gold gained 0.2 per cent to $1,758.03 per ounce while US gold futures edged 0.2 per cent higher to $1,770.10 per ounce.  Other precious metals such as platinum dropped 0.6 per cent to $817.40 while silver eased 0.2 per cent to $17.79. The holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund or ETF said, rose 0.6 per cent to 1,166.04 tonnes on Monday from 1,159.31 tonnes on Friday. Gold is used as a safe investment during times of political and financial uncertainty. Experts have said that the impact of the coronavirus crisis and the central bank’s policy easing measures may support the gold’s haven appeal. However, lifting lockdown restrictions and the rally in the equity market may hinder major rallies in the counter. (With inputs from agencies)