Gold prices jump to Rs 53,650 per 10 gm, silver trending at Rs 65,400 a kg

Gold prices jumped on Tuesday to Rs 53,650 from Rs 53,460 per 10 gram, while silver climbed to Rs 65,400 from Rs 65,120 per kilogram, 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 52,450 per 10 gram, and in Chennai to Rs 51,880. In Mumbai, the rate was Rs 52,400 according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 56,590. 

On MCX, August gold futures jumoed 0.41 per cent to Rs 54,050 per 10 gram. Silver September future was at Rs 65,790 per kilogram on Tuesday. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

MCX received the approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

"Spot gold price for 24 carat in Delhi was trading up by Rs 185 with rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee plunged 20 paise and settled below the 75 per US dollar level on Monday, tracking negative domestic equities and strengthening American currency. In the international market, gold was trading lower at $1,973 per ounce, while silver was flat at $24.30 per ounce.

Gold prices retreated from a record high on Monday after investors booked some profits and the dollar rose, although concerns over rising coronavirus cases and its impact on global economy limited bullion's losses. Investors' were also keeping a close eye on the new U.S. stimulus plan that lawmakers are struggling to hammer out.