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Gold slips to around Rs 46,200, silver eases as well

The gold/silver ratio currently stands at 98.48 to 1, which means the amount of silver required to buy one ounce of gold.

May 27, 2020 / 10:19 PM IST

Gold prices fell for the second successive day, declining Rs 509 to Rs 46,290 per 10 gram in the Mumbai bullion market on May 27, tracking weak global cues.

The precious metal was weighed down by increased appetite for riskier assets and rally in the stock market amid optimism about re-opening of the global economy.

The rate of 10 gram of 22-carat gold in Mumbai was Rs 42,402 plus 3 percent GST, while 24-carat 10 gram was Rs 46,290 plus GST. The 18-carat gold quoted at Rs 34,718 plus GST in the retail market

Gold slipped below the $17,00 oz level as equity markets managed to hold on to the gains. European equity markets were up over 1 percent while DJIA futures were 300 points higher, said Ravindra Rao, VP-Head Commodity Research at Kotak Securities.