Gold price today at Rs 53,520 per 10 gm, silver trending at Rs 70,300 a kg

Gold price on Monday jumped to Rs 53,520 from Rs 53,510, while silver price was trending at Rs 70,300 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 gold price of 22-carat gold is at Rs 49,070 per 10 gm, while in Chennai it fell to Rs 48,150. In Mumbai, the rate was Rs 49,220 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,530 per 10 gm.  

Gold rose Rs 877 to Rs 50,619 per 10 gram in the national capital on Monday in line with gains in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,742 per 10 gram. Silver also gained Rs 2,012 to Rs 69,454 per kg, from Rs 67,442 per kg in the previous trade.

In the international market, Gold began the new year by climbing 2% on Monday, closing in on its highest in nearly two months as the dollar slid to 2018 lows and prospects of tougher restrictions to combat a new variant of the coronavirus kept safe-haven bullion in demand.

Spot gold was up 1.7 per cent at $1,930.20 an ounce, having risen as much as 2% to its highest since Nov. 9 at $1,936.31. US gold futures advanced by 2.1 per cent to $1,935.60.

"Since gold reversed course from below $1,900, this is mainly a reflection of a weaker U.S. dollar ... a very fertile backdrop for gold and based on that we've also seen some trend followers and technical traders coming back into the market, extending this rally," said Julius Baer analyst Carsten Menke. 

In other precious metals, silver gained 3.1 per cent to $27.16 an ounce, touching its highest since Dec. 21, while palladium dipped by 0.1 per cent to $2,446.24.