Gold price today at Rs 49,870 per 10 gm, silver trending at Rs 66,300 a kg

Gold price on Wednesday rose to Rs 49,870 for 10 gm from Rs 48,860 and silver price is trending at Rs 66,300 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 45,710 per 10 gm, while in Chennai it fell to Rs 43,750. The rate in Mumbai was Rs 44,760 according to the website. The price of 24-carat gold in Chennai was Rs 47,700 per 10 gm.  

Gold dipped Rs 130 to Rs 46,093 per 10 gram in the national capital on Tuesday following a decline in international precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 46,223 per 10 gram. Silver also declined Rs 305 to Rs 66,040 per kilogram from Rs 66,345 per kilogram in the previous trade.

In the international market, Gold prices rebounded on Tuesday from their lowest levels in more than a week after data showing a sharp rise in U.S. inflation bolstered bullion's appeal as an inflation hedge and weighed on the dollar.

Spot gold was 0.7% higher at $1,744.33 per ounce by 12:20 p.m. EDT (1620 GMT), after earlier dipping to $1,722.67, its lowest mark since April 5. U.S. gold futures rose 0.7% to $1,743.90.

"We needed to see some inflation to get gold moving and we saw it this morning with that CPI number," said Bob Haberkorn, senior market strategist at RJO Futures, adding that a weaker dollar and retreating yields supported prices further.

US consumer prices rose by the most in more than 8-1/2 years in March, kicking off what most economists expect will be a brief period of higher inflation.