Gold price on Tuesday rose from Rs 46,929 to Rs 47,043 per 10 gram, while silver was recorded at Rs 49,330 per kilogram, according to India Bullion and Jewellers Association (IBJA).
The gold jewellery prices vary across India — the second largest consumer of the metal — due to excise duty, state taxes and making charges.
The August gold futures were down 0.21 per cent to Rs 47,007 per 10 gram on MCX, their second decline in three days, said media reports.
According to website goodreturns.in, the price for 24-carat gold in New Delhi is Rs 47,700 per 10 gram. Gold rate in Chennai is Rs 49,220 and Mumbai Rs 47,070.
The price of 22-carat gold is about Rs 45,900 in New Delhi per 10 gram while in Chennai, the price is at Rs 45,120. In Mumbai, it is Rs 46,070.
On Monday, the website had recorded the 24-carat gold price at Rs 47,010, up Rs 10 from previous day.
The lowest record of gold rate past month stood at Rs 45,300 on May 12, and highest price touched Rs 47,600 on May 20.
Meanwhile, the rates of silver kept on increasing per kilogram. According to goodreturns.in, the price of silver today was recorded Rs 50,150 per kilogram across the country.
The price of silver jumped by 3.33 per cent in Mumbai’s spot Zaveri Bazaar on Saturday to hit the highest in six-and-a-half years as investors booked the white precious metal as an alternative to gold.
Globally, the gold-silver ratio hit a historical high of 117 last week. Silver offers a good opportunity to earn high returns. With gold stagnating at $1,700-1,750 an oz, silver prices moved up to trade at $17.84 a oz. A sharp increase in silver prices brought gold-silver ratio to 93.
On Monday, the gold prices rose supported by increasing friction between Washington and Beijing and protests in the US over racism.
Spot gold climbed 0.8 per cent to $1,740.62 per ounce, while US gold futures was up 0.1 per cent to $1,753.40.
“There are growing concerns that the US-China Phase One trade deal is about to get ripped-off,” Edward Moya, a senior market analyst at broker OANDA told the Reuters, adding widespread protests in the US has raised concerns of another wave of coronavirus cases.