Gold prices today at Rs 53,780 per 10 gm, silver trends at Rs 62,750 a kg

In New Delhi, the price of 22-carat gold remained at Rs 49,300 per 10 gm, and in Chennai it climbed to Rs 47,090

2 min read Last Updated : Oct 20 2020 | 7:18 AM IST

Gold prices today rose marginally to Rs 53,780 from Rs 53,770 per 10 gm, while silver was trending at Rs 62,750 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 49,300 per 10 gm, while in Chennai it climbed to Rs 47,090. In Mumbai, the rate was Rs 49,920 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,730 per 10 gm.

On the MCX, December gold futures climbed 0.24 per cent to Rs 50,670 per 10 gm, while silver December futures were at Rs 62,049 per kg.

Gold in the national capital rose Rs 182 to Rs 51,740 per 10 grams on Monday, following gains in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 51,558 per 10 grams. Silver also jumped Rs 805 to Rs 63,714 per kg from Rs 62,909 per kg in the previous trade. "Gold prices traded higher on current market uncertainty over stimulus and rising coronavirus cases. The weaker dollar during the day also supported buying in gold," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading in the green, rising to $1,909 per ounce and silver was quoting with marginal gains at $24.64 per ounce. Spot gold rose 0.5% to $1,908.22 per ounce by 11:59 a.m. ET (1559 GMT). U.S. gold futures rose 0.2% to $1,910.40.

Gold is strengthening on the dollar's downtrend and "the belief that some kind of stimulus package is going to come through in the next 48 hours," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. "People believe that we're going to go into an inflationary period into the next quarter. So they're starting up front on that."