New Delhi: Following decline in global prices, gold prices on Friday plunged Rs 500 to Rs 54,110 per 10 gram, while silver tumbled from Rs 67,200 to Rs 65,600 per kg. The yellow metal had closed at Rs 54,600 per 10 gram in the previous trade. Also Read - Gold Price Today 30 September 2020: Price of Yellow Metal Falls by Rs 26, Silver Declines by Rs 201

While Delhiites will have to pay Rs 49,600, Mumbaikars have to pay Rs 49,340 for 10 gram of 22-carat gold. The prices of gold in Delhi and Mumbaui are slashed by Rs 400 and Rs 200 respectively. In Kolkata and Chennai, the price of 22-carat gold is 49,990 and Rs 48,770 for 10 gram 22-carat gold respectively. Also Read - Man Tries To Smuggle 40-Grams Gold Inside His N95 Face Mask, Arrested at Kozhikode Airport

Notably, prices for gold in India vary across different parts due to excise duty, state taxes, and making charges. Also Read - Gold Prices Today, 14th September 2020: Yellow Metal Rates Drops Slightly to Rs 52,465 Per 10 gm, Silver Climbs by Rs 222

Check out 22-Carat Gold Prices in Major Cities

City22 Carat Gold Price
Chennai₹48,780
Mumbai₹49,350
Delhi₹49,610
Kolkata₹50,000
Bangalore₹48,130
Hydrabad₹48,780
Kerala₹46,860
Pune₹49,350
Vadaodara₹49,350
Ahmedabad₹49,350

Notably, the fall in gold prices, which is considered as a safe haven asset, hasbeen induced post Russia’s announcement that it has developed the first vaccine for novel coronavirus.  The slump was in line with the international spot prices where gold prices fell as US bond yields advanced and the dollar recovered.

Analysts, however, are of the view that the sentiments in the bullion market are still bullish and the yellow metal would soon be back on the upward trend.