Gold price today at Rs 55,090 per 10 gm, silver at Rs 68,900 a kg

Gold prices Tuesday fell to Rs 55,090 from Rs 55,100 per 10 gram, while silver climbed to Rs 68,900 from Rs 68,010 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 rose to Rs 51,150 per 10 gram, and in Chennai to Rs 50,700. In Mumbai, the rate was Rs 51,500, according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 55,320 per 10 gm. 

On MCX, October gold futures jumped 2.11 per cent to Rs 53,275 per 10 gram. Silver September futures was at Rs 69,155 per kg. 

Multi Commodity Exchange of India (MCX) is all set to launch the country's first bullion index, Bulldex, on August 24.

Gold prices rose by Rs 340 to Rs 53,611 per 10 gram in the national capital on Monday, in line with firm international trend, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 53,271 per 10 gram.

Silver also witnessed increased buying and gained Rs 1,306 to Rs 69,820 per kg from Rs 68,514 per kg in the previous trade.

"Spot gold prices for 24 carat in Delhi rose by Rs 340 with firm international gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold rallied to $1,954 per ounce, while silver was trading with marginal gains at USD 26.81 per ounce. "Gold prices traded higher on Monday on worries over global economic growth," Patel added.

Meanwhile, India's gold imports, which have a bearing on the current account deficit (CAD), plunged 81.22 per cent to $2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 due to a significant fall in demand in the wake of Covid-19 pandemic, according to data from the Commerce Ministry.

Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20.