Gold price today at Rs 47,680 per 10 gm, silver trending at Rs 71,700 a kg

Prices for 22-carat gold on Wednesday increased to Rs 47,680 for 10 gm from Rs 47,510 and silver was at Rs 71,700 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 price of 22-carat gold is at Rs 48,050 per 10 gm. In Chennai, it is Rs 46,300. The  Mumbai rate is Rs 47,680, according to the website. Prices for 24-carat gold witnessed an uptick of Rs 170 per 10 gram to Rs 48,680 on Wednesday from Rs 48,510 in the previous trading session.

Gold prices climbed up in India despite fall in the bullion markets as the focus now shifts to US inflation data.

Silver gained by Rs 700 to Rs 71,700 per kilogram from Rs 71,000 per kilogram in the previous trade. Indian rupee ended lower at 72.88 on Tuesday, amid volatile trade saw in the domestic equity market.

In the global market,  gold dropped on Tuesday as a firmer dollar countered a slip in U.S. Treasury yields as investors looked ahead to US inflation data that could influence the Federal Reserve’s timeline to taper monetary support.

Spot gold was down 0.4% to $1,892.33 per ounce by 1:42 p.m. EDT (1742 GMT) while U.S. gold futures settled down 0.2% at $1,894.40.

The dollar index rose 0.2%, lowering gold’s appeal for holders of other currencies, while benchmark US Treasuries fell to a one-month trough.

Analysts noted that US consumer price index data due on Thursday could spark fears that the Fed will begin a move to scale back its wide-open monetary policy, driving gold prices lower.