Gold price today at Rs 54,980 per 10 gm, silver jumps to Rs 69,000 a kg

Gold prices today fell to Rs 54,980 from Rs 55,030 per 10 gm, while silver was trending at Rs 69,000 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 50,400 per 10 gm, and in Chennai, it jumped to Rs 49,450. In Mumbai, the rate was Rs 50,580, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,950 per 10 gm. 

On the MCX, October gold futures climbed 0.11 per cent to Rs 51,824 per 10 gm, while silver December futures were at Rs 68,781 per kg. 

Gold prices fell Rs 137 to Rs 53,030 per 10 gram in the national capital on Wednesday amid rupee appreciation, according to HDFC Securities. The precious metal had on Tuesday closed at Rs 53,167 per 10 gram. "Spot gold prices for 24 karat in Delhi were down by Rs 137 on rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Silver also declined Rs 517 to Rs 70,553 per kg, from the previous close of Rs 71,070 per kg.

In the international market, gold prices rose on Wednesday, helped by a subdued dollar as investors bet on dovish monetary cues from the U.S Federal Reserve when it announces its policy decision later today. Spot gold was up 0.4% to $1,963.97 per ounce by 1131 GMT, while U.S. gold futures rose 0.4% to $1,973.50 per ounce.

"What we're probably seeing building in gold here is the expectation that the Fed is going to be more dovish than in the past, and the realization that we're seeing slightly more inflationary pressure than anticipated," said OANDA analyst Craig Erlam.