Gold prices today steady at Rs 48,350 per 10 gm, silver at Rs 48,550 a kg

Gold prices today remained steady at Rs 48,350 per 10 gram, while silver declined to Rs 48,550 from Rs 48,600 per kilogram, according to Good Returns website.

Gold jewellery prices vay across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

In New Delhi, the price of 22-carat gold slid to Rs 47,150 per 10 gram, and in Chennai to Rs 46,270. In Mumbai, the rate was Rs 46,500, according to the Good Returns website. The price of 24-carat gold prices in Chennai came to Rs 50,880.

On MCX, August gold futures fell 0.23 per cent to Rs 48,046 per 10 gram. Silver July futures also collapsed to Rs 49,177 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

Gold imports, which have a bearing on the current account deficit (CAD), plunged significantly to $79.14 million during the first two months of 2020-21 due to a significant fall in demand in the wake of the Covid-19 pandemic, according data from the commerce ministry.

Imports of the yellow metal stood at $8.75 billion in the corresponding period of 2019-20.

The decline in gold imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $9.91 billion during the period, against $30.7 billion a year ago.