Gold prices jumped to Rs 49,100 from Rs 48,7000 per 10 gram, while silver climbed to Rs 51,900 from Rs 50,020 per kilogram, according to Good Returns website.

Gold jewellery prices vary 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 rose to Rs 47,900 per 10 gram, and in Chennai to Rs 47,180. In Mumbai, the rate was Rs 47,400, according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 51,460.

On MCX, August gold futures fell 0.75 per cent to Rs 48,878 per 10 gram. Silver July futures also slumped to Rs 51,091 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

MCX received the approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

Silver declined 0.9% to $18.61 an ounce having earlier hit its highest since September 2019 at $19.02.

Gold prices retreated on Thursday, a day after vaulting to nearly nine-year highs, as investors embraced the safe-haven greenback in the face of record U.S. coronavirus cases. US Federal Reserve officials on Wednesday raised fresh doubts about the durability of the U.S. recovery, while new business surveys highlighted developing risks from the relentless coronavirus pandemic.

Central banks worldwide have slashed interest rates in recent months, providing in some cases unprecedented amounts of stimulus to help soften the blow to the economy from the pandemic. Stimulus tends to boost gold, which is considered a hedge against inflation and currency debasement.

“These stimulus (measures) are not going away very soon. If we see the global supply chain, it has been massively disrupted and that disruption adds to inflation as well,” said Ryan McKay, a commodity strategist at TD Securities. Among other metals, silver declined 0.9% to $18.61 an ounce having earlier hit its highest since September 2019 at $19.02.

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