Gold rates up by Rs 35 per gram across major Indian cities

Source :Sify
Author :Finance Desk
Last Updated: Mon, Sep 7th, 2020, 13:47:25hrs
AP image of woman holding gold chain

New Delhi / Mumbai / Chennai: The average gold rates in India on Monday, quoted by jewellers, across India was up by Rs 35 per gram.

Rates in Delhi surpassed the 51,000 level mark while in Mumbai and jewellery there was support at 51,150 levels across markets in Mumbai and Chennai. These are rates for 999 variant tracked exclusively by across leading metropolitan cities of India.  These rates are exclusive of GST or making-charges. 

On the MCX, gold futures contract expiring in October posted a marginal gain of 0.25 percent at the time of updating this story to quote Rs 50,805.  

On the Comex spot exchange, gold price hovered at 1935 levels. According to analysts tracking Gold, a jump in bond yields and a gaining US dollar index is expected to thwart gold-rate hikes this week.  

The gain on Monday is rare considering gold has systemically slipped from peaks of 56,000 per ten grams in August.  In India, the rare jump can be attributed to the slight weakening of the Rupee at the start of the week. On Monday, the Rupee traded to lows of 72.90 and highs of 73.40 levels.  

Jewellery or 916 Karat Gold rates quoted by several jewellers, according to data tracked by Sify Gold, showed rates jump by Rs 20 per gram. The quotes varied from Rs 4690 in Kerala to Rs 5000 per gram across leading cities of India. The rate variance is attributed to several factors including availability of gold.  

For Silver, the lowest rates suggested by jewellers across India was reported at Rs 6,850 per kilo. 

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