Gold prices slump to Rs 55,350 per 10 gm, silver jumps to Rs 75,150 a kg

Gold prices Tuesday fell to Rs 55,350 from Rs 59,3000 per 10 gram, while silver climbed to Rs 75,150 from Rs 74,210 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 54,100 per 10 gram, and in Chennai to Rs 53,580. In Mumbai, the rate was Rs 54,370 according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 58,470 per 10 g. 

On MCX, August gold futures jumped 0.29 per cent to Rs 54,946 per 10 gram. Silver September futures was at Rs 75,394 per kg. 

"Gold prices kept upside limited on Monday with rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee settled with gains of 3 paise at 74.90 (provisional) against the US dollar on Monday, tracking positive domestic equities.vIn the international market, gold was quoting with marginal gains at $2,035 per ounce, while silver was trading flat at $28.31 per ounce.

This year, gold is the best performing traditional asset in the world. Its price just topped $2,000 an ounce for the first time. From serious investors to newly minted day traders, everyone is talking up its virtues.

A recent survey of 1,000 people found that one in six Americans bought gold or other precious metals in the last three months, and about one in four were seriously thinking about it. On Robinhood, the popular online trading platform, the number of users holding two of its largest gold funds has tripled since January.