Gold prices today at Rs 53,350 per 10 gm, silver trends at Rs 60,700 a kg

The precious metal had closed at Rs 50,704 per 10 gram in the previous trade. Photo: Reuters
Gold prices today climbed to Rs 53,350 from Rs 52,740 per 10 gm, while silver was trending at Rs 60,700 per kg, according to the Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

In New Delhi, the price of 22-carat gold remained at Rs 48,900 per 10 gm, and in Chennai, it fell to Rs 47,700. In Mumbai, the rate was Rs 49,000, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,530 per 10 gm. 

On the MCX, October gold futures climbed 1.09 per cent to Rs 50,681 per 10 gm, while silver December futures were at Rs 62,466 per kg. 

Gold prices rallied Rs 663 to Rs 51,367 per 10 gram in the national capital on Tuesday, in line with the rise in international prices and rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 50,704 per 10 gram in the previous trade. Silver prices also jumped Rs 1,321 to Rs 61,919 per kilogram from Rs 60,598 per kilogram on Monday.

"Spot gold prices for 24 carat in Delhi rallied Rs 663, reflecting gains in international prices and rupee depreciation," HDFC Securities Senior Analyst(Commodities) Tapan Patel said.

The rupee depreciated 7 paise to settle at 73.86 (provisional) against the US dollar on Tuesday.

In the international market, gold was quoting with gains at USD 1,882 per ounce, while silver was trading flat at USD 23.56 per ounce. Gold prices traded higher ahead of the US presidential election debate, Patel added.

A strong demand for gold as a safe-haven asset is likely to continue at least until the global economy is back on a solid recovery path, according to markets data provider Refinitiv.

"Central banks around the globe have come out with unprecedented stimulus to counter the economic slowdown caused by the Covid-19 pandemic. Interest rates have been kept either at historical low levels or in negative territory to create demand in the financial system and to stimulate growth," Refinitiv Senior Metals Analyst Debajit Saha said on Tuesday.

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