Gold price today fell to Rs 52,310 from Rs 52,540 per 10 gm, while silver price was trending at Rs 63,200 per kg, according to the Good Returns website.
Gold jewellery price vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the gold price of 22-carat climbed to 47,950 per 10 gm, while in Chennai it jumped to Rs 46,110. In Mumbai, the rate was Rs 48,150 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,310 per 10 gm.
Gold prices tanked Rs 460 to Rs 48,371 per 10 gram in the national capital on Monday on a weak global trend, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,831 per 10 gram. Silver prices also dipped Rs 629 to Rs 62,469 per kilogram from Rs 63,098 per kilogram in the previous trade.
Gold prices dipped on Monday as Covid-19 vaccine rollouts lifted riskier assets, overshadowing hopes for further U.S. fiscal and monetary stimulus.
“The euphoria around a Covid-19 vaccine will likely overshadow further easing from the Federal Reserve and a fiscal relief package in the near term,” said Howie Lee, an economist at OCBC Bank.
“But gold could rally in 2021 when the vaccine optimism dies down and investors’ focus returns to rising inflation expectations due to the large swathe of monetary and fiscal stimulus the U.S. economy still requires.” The first shipments of Pfizer Inc and BioNTech SE’s coronavirus vaccine in the United States began on Sunday, lifting Asian equities.
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