Gold Price Reaches Rs 50,010, Silver Increases by Rs 1,800 to Rs 62,500

In Chennai, 22-carat and 24-carat gold are priced at Rs 48,170 per 10 gram and Rs 53,540 per 10 gram. In Kolkata and Bengaluru, the price of 22-carat gold is Rs 49,510 per 10 gram and 47,410 per 10 gram, while 24-carat yellow metal can be purchased at Rs 52,420 per 10 gram and Rs 51,710 per 10 gram.

In Kerala and Ahmedabad, 24-carat gold can be bought by paying Rs 50,750 per 10 gram and Rs 51,410 per 10 gram, while 22-carat yellow metal costs Rs 46,510 per 10 gram and Rs 49,010 per 10 gram.

On the Multi-Commodity Exchange (MCX), December gold futures plunged 0.5 per cent, reaching Rs 50,386 per 10 gram, reported livemint. It has fallen two times in three days. The yellow metal had moved up by Rs 500 in the previous session. Spot gold moved down 0.1 per cent today, standing at $1,896.03 per ounce.

A rebound in the value of the US dollar had affected gold price last week. Besides, policies of the US Federal Reserve have a bearing on the gold prices. Investors generally move towards gold in case of volatile markets as the yellow metal is considered a safe investment.