Gold Prices Rise To Rs 47,180 Per 10 Gram After 2-Day Downward Spiral, Silver At Rs 47,719 Per Kg

The price of 22-carat gold in Delhi is around Rs 46,000 per 10 gram, while in Chennai it is at Rs 45,320 whereas in Mumbai, the rate is Rs 46,000.

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New Delhi, June 16: After a two-day decline, the bullion prices on Tuesday rallied as the August gold futures on MCX rose 0.35 per cent to ₹47,180 per 10 gram after a two-day decline. Silver futures on MCX edged 0.7per cent higher to ₹47,719 per kg, according to news daily Mint. However, the previous trading witnessed gold prices slipping 0.64 per cent and silver sliding 0.8 per cent on MCX. The prices of yellow prices in the domestic market have remained volatile after hitting a record high of about ₹48,000 in May. Also Read: Sonia Writes To PM Modi As Fuel Prices Rise For 10th Straight Day; Check The Latest Rates In Top Cities In the global market too, the gold has remained weak and trying to break above $1750/ounce. In India, gold jewellery prices are different across the states as a result of excise duty, state taxes, and making charges. The price of 22-carat gold in Delhi is around Rs 46,000 per 10 gram, while in Chennai it is Rs 45,320. In Mumbai, the rate is Rs 46,000, according to Goodreturns.in. In global markets, the yellow metal was flat as the US dollar weakened after Federal Reserve announced buying individual corporate bonds in the secondary market. In fact, the recovery in equity markets also halted gold's upside. Spot gold was flat at $1,725.23 per ounce. Other metal prices including platinum rose 0.7 per cent to $817.20, while silver fell 0.4 per cent to $17.37. Also, reports of the Trump administration mulling $1 trillion in infrastructure spending to support the battered economy also lifted risk sentiment across the world. Stimulus measures and lower interest rates tend to support gold, which is often considered a hedge against inflation and currency debasement. The yellow metal is seen as a safe-haven asset in times of political and economic upheaval. Experts opine that the impact of the coronavirus crisis and central bank’s policy easing measures may support gold’s haven appeal. However, lifting lockdown restrictions on the rise in the equity market may hinder major rallies in the counter.