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Gold prices regain Rs 48,000/10 gm mark on safe-haven billing; silver up Rs 170 a kg

The gold-silver ratio stands at 74.24 to 1, which means 74.24 ounces of silver is required to buy an ounce of gold.

Mumbai / October 28, 2021 / 06:26 PM IST

Gold prices jumped by Rs 163 to Rs 48,066 for 10 grams in the Mumbai bullion market on safe-haven appeal amid a selloff in the equity market, firm global cues despite strength in the rupee. The yellow metal retested the $1,800/oz level as tensions between the US and China rose, firm consumer demand and ECB Policy meet.

The price of 10 gram 22-carat gold in Mumbai was Rs 44,028 plus 3 percent GST, while 24-carat 10 gram stood at Rs 48,066 plus GST. The 18-carat gold quoted at Rs 36,050 plus GST in the retail market.

“This year jewellery buying trend has been about living life large. After two years of mental anxiety and challenges, customers want to spend and invest in jewellery for happiness and asset building. We have seen larger pieces of necklaces in gold or diamonds and statement pieces of bangles, earrings, and rings getting sold. Sales are expected to get back to pre-Covid levels, with an increase of 15-20 percent from last year,” said Suvankar Sen, CEO, Senco Gold and Diamonds.

The focus this week will be on major central bank meetings, including those of the Bank of Japan and the European Central Bank scheduled on October 28.