Gold price today at Rs 53,300 per 10 gm, silver trending at Rs 68,400 a kg

Gold price today climbed to Rs 53,300 from Rs 53,230 per 10 gm, while silver price was trending at Rs 68,400 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 48,850 per 10 gm, while in Chennai it fell to Rs 47,120. In Mumbai, the rate was Rs 48,930 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,420 per 10 gm.  

Gold was marginally down by Rs 16 to Rs 49,484 per 10 gram in the national capital on Wednesday amid a stronger rupee, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 49,500 per 10 gram. However, silver gained Rs 205 to Rs 67,673 per kilogram from its previous close of Rs 67,468 per kilogram.

In the international market, Gold prices edged higher on Wednesday, as the prospect of increased fiscal aid pushed the dollar to its lowest in more than two years, although global Covid-19 vaccine rollouts and increased risk appetite limited bullion's gains.

"The U.S. dollar index touched a new low - that's working in favour of the gold and silver markets," said Kitco Metals senior analyst Jim Wyckoff.

"However, upbeat risk appetite in the market place, evident by stock indexes at or near record highs is tempering buying enthusiasm. You've got this tug and pull at work right now." The dollar index touched a low since April 2018 following U.S. Senate Majority Leader Mitch McConnell's decision to delay a vote on increasing Covid-19 relief checks to $2,000.