Gold price today at Rs 54,110 per 10 gm, silver trends at Rs 65,600 a kg

Gold prices today fell to 54,110 from Rs 54,600 per 10 gram a day before, while silver declined to Rs 65,600 from Rs 67,200 per kg, according to 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 jumped to Rs 49,600 per 10 gram, and in Chennai to Rs 48,770. In Mumbai, the rate was Rs 49,340, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,200 per 10 gm. 

On MCX, October gold futures fell by 0.16 per cent to Rs 50,742 per 10 gram. Silver September futures stood at Rs 64,717 per kg. 

Gold prices on Thursday plunged Rs 774 to Rs 51,755 per 10 gram in the national capital following decline in global prices, according to HDFC Securities.

The yellow metal had closed at Rs 52,529 per 10 gram here in the previous trade. Silver prices also tumbled Rs 1,908 to Rs 69,176 per kilogram from Rs 71,084 per kilogram in the previous trade.

"Spot gold prices for 24 carat in Delhi plunged Rs 774 with fall in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading lower at $1,934 per ounce, while silver was quoting flat at $27.24 per ounce.

"Gold prices continued downtrend on strong dollar recovery against major currencies," Patel said. He added that positive US economic data also boosted investors' appetite for riskier assets.

The Union government on Monday notified the setting up of the International Bullion Exchange at the Gujarat International Finance Tec (GIFT) City near Ahmedabad and declared the International Financial Services Centres Authority (IFSCA) as the regulator for spot trading in gold and silver. The move is seen as a game changer for India’s bullion industry, and is expected to put India in a position to set its own price of gold.

All financial services required to facilitate trading, delivery, financing and vaulting have also been permitted, for which IFSCA will prepare separate regulations.