Gold price today at Rs 54,160 per 10 gm, silver trends at Rs 68,100 a kg

In New Delhi, the price of 22-carat gold remained at Rs 49,650 per 10 g, and in Chennai, it jumped to Rs 48,850

Gold prices today jumped to 54,160 from Rs 54,120 per 10 gm, while silver rose to Rs 68,100 from Rs 67,210 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 49,650 per 10 gm, and in Chennai, it jumped to Rs 48,850. In Mumbai, the rate was Rs 49,590, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,290 per 10 gm. 

On the MCX, October gold futures fell by 0.76 per cent to Rs 51,065 per 10 gm, while silver September futures were up marginally to Rs 68,271 per kg. 

Gold prices on Monday rose Rs 258 to Rs 51,877 per 10 grams in the national capital supported by rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 51,619 per 10 grams in the previous trade. Silver also gained Rs 837 to Rs 69,448 per kg, from Rs 68,611 per kg in the previous trade. The rupee depreciated 21 paise to 73.35 (provisional) against the US dollar on Monday.

"Gold prices held narrow trading range on Monday in the absence of US markets," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Gold steadied in a tight range on Monday, paring initial gains after a firmer dollar offset support from renewed fears over the economic hit from the Covid-19 pandemic.

Spot gold was steady at $1,931.91 per ounce, after hitting a one-week low of $1,916.24 on Friday. U.S. markets are shut for the Labor Day holiday on Monday. Elsewhere, silver was steady at $26.87 per ounce, platinum rose 0.8% to $901.89 and palladium climbed 0.5% to $2,308.32.