Gold prices today Rs 53,620 per 10 gm, silver trending at Rs 62,700 a kg

Gold price today went up to Rs 53,620 from Rs 53,610 per 10 gm, while silver was trending at Rs 62,700 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 changes.

In New Delhi, the gold price of 22-carat fell to Rs 49,250 per 10 gm, while in Chennai it fell to Rs 47,610. In Mumbai, the rate was Rs 49,760 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,930 per 10 gm.

On the MCX, December gold futures jumped 0.76 per cent to Rs 50,550 per 10 gm, while silver December futures were at Rs 62,717 per kg.

Gold prices were marginally down by Rs 81 to Rs 50,057 per 10 gram on Thursday, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 50,138 per 10 gram. Silver also witnessed muted trend as it slipped marginally by Rs 4 to Rs 62,037 per kg, from Rs 62,041 per kg in the previous trade.

“Gold and silver prices are expected to trade in the current range during the current festival days where retail investors and buyers will face less volatility,” HDFC Securities Senior Analyst (commodities) Tapan Patel said. He also added that jewellers in India are bracing for festival sales on the auspicious day of Dhanteras. Dhanteras, considered the most auspicious day in Hindu calendar for buying items ranging from precious metals like gold and silver to utensils, is being celebrated on Thursday and Friday this year.

In the international market, Gold rose on Thursday as market optimism over a potential COVID-19 vaccine gave way to concerns over the logistics of its eventual roll-out, though prices were underpinned by expectations of further monetary stimulus.

Spot gold was up 0.3 per cent at $1,869.52 per ounce, while U.S. gold futures were 0.4 per cent higher at $1,868.20.

"We're starting to see some doubts creeping in about how quickly any vaccine can be rolled out," said Michael Hewson, chief market analyst at CMC Markets UK.

"We may see further stimulus measures kick in as we head into year-end because, ultimately, the problems of rising (Covid-19) cases, hospitalizations and deaths are here and now. And a vaccine is not going to change that.