Gold price today at Rs 54,000 per 10 gm, silver tumbles to Rs 60,600 a kg

Gold prices today fell to Rs 54,000 from Rs 54,7600 per 10 gm, while silver was trending at Rs 60,600 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 charges.

In New Delhi, the price of 22-carat gold remained at Rs 49,500 per 10 gm, and in Chennai, it jumped to Rs 48,800. In Mumbai, the rate was Rs 49,630, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,230 per 10 gm. 

On the MCX, October gold futures fell 0.18 per cent to Rs 50,381 per 10 gm, while silver December futures were at Rs 61,213 per kg. 

Gold prices tumbled Rs 672 to Rs 51,328 per 10 gram in the national capital on Tuesday on a weak global trend, according to HDFC Securities. The yellow metal had closed at Rs 52,000 per 10 gram in the previous trading session.

Silver also witnessed massive selloff with prices tanking Rs 5,781 to Rs 61,606 per kilogram from Rs 67,387 per kilogram in the previous trade.

"Spot gold prices for 24 carat in Delhi plunged Rs 672, reflecting selloff in international prices despite rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading lower at $1,900 per ounce, while silver depicted a flat trend and was quoting at $26.12 per ounce. "Gold prices extended decline with other asset classes on stronger dollar. Investors switched to dollar as safe-haven avenue on fears of second wave of virus infections in Europe and UK," Patel added.