Gold price today jumped to Rs 53,720 from Rs 53,410 per 10 gm, while silver price was trending at Rs 70,700 per kg, according to the Good Returns website.
Gold jewellery price varies 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 is at Rs 49,250 per 10 gm, while in Chennai it jumped to Rs 47,690. In Mumbai, the rate was Rs 49,370 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,030 per 10 gm.
Gold prices in the national capital jumped Rs 496 to Rs 50,297 per 10 gram on Monday in line with rally in international precious metal prices and rupee depreciation, according to HDFC Securities.
The precious metal had closed at Rs 49,801 per 10 gram in the previous trade. Silver also gained Rs 2,249 to Rs 69,477 per kg, from Rs 67,228 per kg in the previous trade. The rupee declined 17 paise to 73.73 against a US dollar in the opening trade on Monday.
In the international market, gold climbed to a six-week high on Monday, driven by news that U.S. congressional leaders reached agreement on a Covid-19 aid package, while lockdowns in the United Kingdom soured appetite for riskier assets and added to the metal’s support.
The $900 billion U.S stimulus deal reached on Sunday comes as the pandemic accelerates, infecting more than 214,000 people in the country each day.
“Now that we’ve got fiscal stimulus behind us, gold has enough momentum to close above $1,900 by year-end and it could climb up to $1,925,” said Stephen Innes, chief global market strategist at financial services firm Axi, adding that dovish Fed policies signalled last week were also supportive.
The Fed last week vowed to keep funnelling cash into financial markets and keep rates low until a U.S. economic recovery is secure.
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