Gold price today at Rs 52,310 per 10 gm, silver trending at Rs 64,150 a kg

Gold price today fell to Rs 52,310 from Rs 52,540 per 10 gm, while silver price was trending at Rs 64,150 per kg, according to the Good Returns website.

Gold jewellery price 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 is at Rs 47,950 per 10 gm, while in Chennai it jumped to Rs 46,530. In Mumbai, the rate was Rs 48,200 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,730 per 10 gm. 

Gold prices rose Rs 514 to Rs 48,847 per 10 gram in the national capital on Tuesday on a strong global trend and rupee depreciation, according to HDFC Securities.

The yellow metal had closed at Rs 48,333 per 10 gram in the previous trade. Silver prices also jumped Rs 1,046 to Rs 63,612 per kilogram from Rs 62,566 per kilogram in the previous trade.

"Spot gold prices for 24 carat in Delhi rose by Rs 514, reflecting gains in global gold prices and rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, Gold prices inched higher on Tuesday as the dollar weakened, though the start of COVID-19 vaccinations in the United States and Canada buoyed hopes of a swifter global economic recovery and kept the metal's gains in check.

"A slight softening of the U.S. dollar more than accounts for the minor lift in gold," said Michael McCarthy, chief strategist at CMC Markets, adding that market participants were looking to the U.S. Federal Reserve meeting as the next impetus.

The dollar hovered near a more than two-and-a-half-year low, hurt by progress on a fiscal coronavirus relief bill as lawmakers appeared optimistic over a deal split into two parts in an effort to win approval.

Capping bullion's gains, coronavirus vaccinations in the United States began on Monday with a New York City intensive care unit nurse becoming the first to receive the vaccine.