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Gold prices touch Rs 49,000/10 gram ahead of Budget; silver gains Rs 3,759 a kg

The gold/silver ratio currently stands at 70.83 to 1, which means the number of silver ounces required to buy one ounce of gold.

Mumbai / January 29, 2021 / 07:40 PM IST

Gold prices rose by Rs 407 to Rs 49,393 per 10 gram in the Mumbai retail market on firm global cues and a weak equity market. However, the gains were capped by a firm rupee. The yellow metal had gained Rs 253 or 0.52 percent during the week in the domestic market.

The rate of 10 gram 22-carat gold in Mumbai was Rs 45,244 plus 3 percent GST, while 24-carat 10 gram was Rs 49,393 plus GST. The 18-carat gold quoted at Rs 37,045 plus GST in the retail market.

Volatility has surged immensely in the past two trading sessions with global equity indices coming under pressure tracking Wall Street retail-trading frenzy. The volatility witnessed by equity indices has spilled over to commodities too with silver prices being the most impacted.

Ahammed MP, Chairman, Malabar Gold & Diamonds, said, “In the Union Budget 2021-22, the government must reduce the customs duty to curb large-scale gold smuggling in the country. It will boost demand and strengthen consumer confidence. High taxes lead to large-scale smuggling and tax evasion.”