Gold price today jumped to Rs 53,180 from Rs 52,420 per 10 gm, while silver price was trending at Rs 65,500 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 48,750 per 10 gm, while in Chennai it jumped to Rs 47,080. In Mumbai, the rate was Rs 48,350 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,360 per 10 gm.
On the MCX, December gold futures climbed 0.23 per cent to Rs 50,063 per 10 gm, while December silver futures were at Rs 65,105 per kg.
Gold prices zoomed Rs 816 to Rs 49,430 per 10 gram in the national capital on Tuesday on a positive global trend, according to HDFC Securities. The precious metal had closed at Rs 48,614 per 10 gram in the previous trade.
Silver also witnessed hectic demand, with prices jumping Rs 3,063 to Rs 64,361 per kilogram from Rs 61,298 per kilogram in the previous trade. Spot gold prices for 24 carat in Delhi rallied Rs 816, reflecting gains made in international gold prices, HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.
In the international market, Gold rose to a two-week high on Tuesday, buoyed by growing expectations of more US fiscal stimulus to combat the economic impact of rising coronavirus cases, while a muted dollar added further support. US gold futures were up 0.4% at $1,873.50.
“We are not too far away from the highs, and once we start getting stimulus or a clearer picture of how this is all going to play out, gold and silver will continue to move higher,” said Daniel Pavilonis, senior market strategist at RJO Futures.
Raising gold’s appeal for other currency holders, the dollar index stalled its slide, but was still close to multi-year lows.
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