The gold price on Thursday continued to rise to new highs in the Indian market as its retail price crossed Rs 50000 mark in Mumbai and Delhi. The price hike is due to the strong demand for gold in the global market and depreciating rupee.
In New Delhi, 24 Carat Gold price today was Rs 50,050 per 10 gram and in Mumbai was Rs 50,120 per 10 gram and Rs 49,820 in Kolkata.
On Wednesday, the gold in the national capital zoomed Rs 647 to Rs 49,908 per 10 grams in line with gains in the international prices of the precious metal.
The price of gold jewellery in India varies due to excise duty, state taxes, and its making charges.
In the international market, gold was trading with gains at USD 1,788 per ounce and silver at USD 18.34 per ounce. As per Reuters, the Gold eased from a near eight-year high hit in the previous session, as strong US data and hopes for a potential COVID-19 vaccine dented safe-haven sentiment.
As per the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.19 percent at Rs 48,174 per 10 gram at 09:10 hours. July futures for silver were trading flat at Rs 48,770 per kg.