New Delhi, October 17: This Diwali season, jewellery shop owners are witnessing unprecedented rush with customers wanting to get their hands on the yellow metal. Dhanteras, which falls today, two days ahead of Diwali is considered auspicious for buying gold and jewellery. Gold prices on Tuesday opened at Rs 30,850 per 10 grams at the bullion market in Delhi on the occasion of Dhanteras. Last year on Dhanteras, gold prices stood at Rs 30,590 per 10 grams. Also Read - Gold Prices Down on Sixth Consecutive Day by 0.05% to Rs 37,551 Per 10 Gram on MCX

Ahead of the festive season, gold sales surged, with people thronging in large numbers to avail freebies that have been introduced by many jewellers across the nation. The government on October 13 fixed the purchase price of Sovereign Gold Bond (SGB) at Rs 2,987 per gram the subscription for which will open on October 16. Also Read - Maharashtra Man Returns Rs 40,000 to Owner; Accepts Only Rs 7 as Bus Fare

Take a look at the current gold and silver prices in Indian metro cities Also Read - Sara Ali Khan Kills it in Latest Magazine Shoot as She Redefines Leopard Print, Fans go Gaga Over Viral Picture

Gold and Silver Price in Delhi

  • Gold (99.9 percent) – Rs 30,850 per 10 grams
  • Gold (99.5 percent)- Rs 30,700 per 10 grams
  • Silver- Rs 41,400 per kg

Gold and Silver Price in Mumbai:

  • Gold (99.5 percent)-  Rs 29,860 per 10 grams
  • Gold (99.9 percent)- Rs 30,010 per 10 grams
  • Silver-  Rs 40,110 per kg

Gold and Silver Price in Chennai

  • Gold (Ornament/22-carat) – Rs 28,500 per 10 grams
  • Silver- Rs 43,500 per kg

Gold and Silver Price in Kolkata

  • Gold (24-carat) – Rs 30,350 per 10 grams
  • Gold (22-carat)- Rs 28,795 per 10 grams
  • Silver – Rs 40,500 per kg

Gold and Silver Price in Bengaluru

  • Gold (99.5 percent)- Rs 30,006 per 10 grams
  • Gold ornament – Rs 28,050 per grams
  • Silver- Rs 40,400 per kg

The RBI said in a statement said that for the subscription period from October 16-18, the nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period, that is October 11-13, 2017 works out to Rs 2,987 per gram. Under the scheme, the bonds are denominated in units of one gram of gold and multiples thereof. Minimum investment in the bonds is one gram with a maximum limit of subscription of 500 grams per person per fiscal year (April–March). The maximum limit of subscribed would be 4 kg for individual and HUF and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.

On the auspicious occasion of Dhanteras,  largest commodity bourse MCX unveiled the country’s first commodity options trading with gold on the auspicious occasion of Dhanteras. Union Finance minister Arun Jaitley launched an option’s contract in gold on the Multi Commodity Exchange (MCX). MCX Chairman, Mrugank Paranjape said that the launch of commodity options in gold is most significant reform measure. India so far allowed only futures contracts for hedging in commodities.