Gold prices today at Rs 53,000 per 10 gm, silver trends at Rs 62,400 a kg

In New Delhi, the gold price of 22-carat remained at Rs 49,500 per 10 gm, while in Chennai it dropped to Rs 47,730

Gold prices on Thursday fell to Rs 53,000 from Rs 53,100 per 10 gm, while silver was trending at Rs 62,400 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 49,500 per 10 gm, while in Chennai it dropped to Rs 47,730. In Mumbai, the rate was Rs 49,850 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,060 per 10 gm. 

On the MCX, December gold futures slid 0.89 per cent to Rs 50,509 per 10 gm, while silver December futures were at Rs 60,199 per kg. 

Gold prices gained Rs 188 to Rs 51,220 per 10 gram on Wednesday in the national capital amid rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 51,032 per 10 gram in the previous trade. Silver also rose Rs 342 to Rs 62,712 per kilogram, from Rs 62,370 per kilogram in the previous trade. "Gold prices in India traded higher for the day with spot gold prices for 24 karat in Delhi rising by Rs 188 on a sharp rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, Gold fell as much as 2 per cent and silver nearly 6 per cent on Wednesday as investors flocked to the dollar in the absence of signs of any imminent US fiscal stimulus measures to ease the economic blow from the COVID-19 pandemic. Silver slumped as far as $23, its lowest since Oct 7.

"The metals were so dependent on more stimulus at this point and the bear camp is fully in control right here," said Bob Haberkorn, senior market strategist at RJO Futures. "Overall, the gold market is lower on a strengthening dollar due to the lack of stimulus measures and risk-off mentality heading into this election."