Gold price today at Rs 53,610 per 10 gm, silver trends at Rs 62,800 a kg

Gold price today went up to Rs 53,610 from Rs 53,600 per 10 gm, while silver was trending at Rs 62,800 per kg, according to the Good Returns website.

Gold jewellery prices 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 fell to Rs 49,160 per 10 gm, while in Chennai it fell to Rs 47,640. In Mumbai, the rate was Rs 49,650 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,970 per 10 gm. 

On the MCX, December gold futures fell 0.61 per cent to Rs 50,191 per 10 gm, while silver December futures were at Rs 62,442 per kg. 

Gold prices witnessed a muted trend in the national capital on Wednesday, rising marginally by Rs 3 to Rs 50,114 per 10 gram amid choppy global prices, according to HDFC Securities.

The precious metal had closed at Rs 50,111 per 10 gram in the previous day. Silver prices rose Rs 451 to Rs 62,023 per kilogram from Rs 61,572 per kilogram in the previous trade. "Spot gold prices for 24 carat in Delhi were marginally up by Rs 3 on choppy global gold prices and rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, Gold fell as much as 1.1% on Wednesday, hurt by a stronger dollar, while optimism around a potential Covid-19 vaccine raised hopes for a quick economic rebound, driving investors towards riskier assets.

Spot gold fell 0.8% at $1,861.96 per ounce. U.S. gold futures lost 0.8% to $1,861.30.

"Gold's got two things working against it, strong equities and a strong dollar at this point. It's hard for gold to continue to rally given those two markets being up higher," said Bob Haberkorn, senior market strategist at RJO Futures. "The flight to safety in the precious metals that we had last week after the U.S. elections is gone away on the back of coronavirus vaccine news."

Denting gold's appeal, the dollar rose 0.4% to a near one-week high, making bullion more expensive for holders of other currencies.