Gold price today at Rs 53,240 per 10 gm, silver trending at Rs 68,200 a kg

Gold price today climbed to Rs 53,240 from Rs 53,230 per 10 gm, while silver price was trending at Rs 68,200 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 gold price of 22-carat is at Rs 48,810 per 10 gm, while in Chennai it fell to Rs 47,160. In Mumbai, the rate was Rs 49,220 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,460 per 10 gm.  

Gold prices rose on Tuesday as the prospect of additional U.S. stimulus bolstered the metal's appeal and weighed on the dollar, with Washington's lawmakers set to vote on larger coronavirus relief checks.

Spot gold rose 0.3% to $1,877.41 per ounce. The metal climbed as much 1.3% on Monday after U.S. President Donald Trump's approval of a $2.3 trillion stimulus package.

US gold futures rose 0.1% to $1,882.30.

"You now have a leadership in the U.S. that is going to do everything possible to defeat the virus - that's going to mean extended lockdowns, more stimulus and that is going to provide strong upward support for gold," said Edward Moya, senior market analyst at OANDA.

"Investors are bracing for a much stronger wave of stimulus once (President-elect Joe) Biden comes into office and I think that's why the gold trade is in check." As 2020 winds down, gold, a hedge against inflation and currency debasement, has risen about 24% this year, prompted by stimulus measures rolled out across the globe to curtail the economic damage from the pandemic.