Gold price today at Rs 55,040 per 10 gm, silver trends at Rs 65,410 per kg

Gold price today jumped to Rs 55,040 from Rs 55,030 per 10 gm, while silver was trending at Rs 65,410 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 rose to Rs 50,460 per 10 gm, while in Chennai it climbed to Rs 48,850. In Mumbai, the rate was Rs 51,190 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,160 per 10 gm. 

On the MCX, December gold futures climbed 0.22 per cent to Rs 52,168 per 10 gm, while silver December futures were at Rs 63,355 per kg. 

Meanwhile, jewellers are betting on recovery and are optimistic that a rebound in the economy and pent up demand will help boost sales during this 'Dhanteras' and the industry is likely to do up to 70 per cent of last year's business.

Notwithstanding the ruling high gold prices and ongoing Covid-19 uncertainties, jewellers are expecting a revival in retail sales this festive season as the yellow metal has always been an integral part to festivals in India, particularly so during Dhanteras, Diwali, and the ensuing wedding season.

Investors and financial executives took a big sigh of relief on Saturday after major networks declared Democrat Joe Biden winner of the U.S. presidential election, offering some certainty after days of conflicting reports about who might run the White House next term.

Gold is headed for the biggest weekly gain since July and copper rose in the international market.