In the international market, Gold prices fell on Wednesday as robust economic data from the United States lifted expectations.
Gold price on Thursday rose to Rs 48,870 for 10 gm from Rs 48,600 and silver price is trending at Rs 66,300 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 44,800 per 10 gm, while in Chennai it fell to Rs 42,970. The rate in Mumbai was Rs 44,300 according to the website. The price of 24-carat gold in Chennai was Rs 46,890 per 10 gm.
Gold rallied by Rs 587 to Rs 45,768 per 10 gram in the national capital on Wednesday amid rupee depreciation, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 45,181 per 10 gram. In tandem witha rally in gold, silver also jumped Rs 682 to Rs 65,468 per kilogram from Rs 64,786 per kilogram in the previous trade. The Indian rupee slumped 24 paise to 73.66 against the US dollar in opening trade on Wednesday.
In the international market, fell on Wednesday as robust economic data from the United States lifted expectations of a rapid recovery and dampened bullion’s appeal, while investors were waiting for minutes from the Federal Reserve’s last policy meeting.
Spot gold fell 0.5% to $1,734.20 per ounce by 1158 GMT. U.S. gold futures slipped 0.4% to $1,735.80 per ounce.
Strong U.S. economic data is raising fears that central bank tapering can arrive sooner than expected, said ActivTrades chief analyst Carlo Alberto De Casa.
Expectations are rising that accelerating U.S. economic growth and inflation could force the Fed to abandon its pledge to keep interest rates near zero until 2024.
Non-yielding gold is highly sensitive to rising rates, as they raise the opportunity cost of holding bullion and support dollar and bond yields.
Market participants are waiting for the release of minutes from the U.S. Federal Reserve’s March 16-17 policy meeting at 1800 GMT.
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First Published: Thu, April 08 2021. 06:49 IST