Gold prices today at Rs 53,970 per 10 gm, silver trends at Rs 61,200 a kg

Gold prices today fell to Rs 53,790 from Rs 53,780 per 10 gm, while silver was trending at Rs 61,200 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 49,310 per 10 gm, and in Chennai, it climbed to Rs 48,510. In Mumbai, the rate was Rs 49,410, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,910 per 10 gm. 

On the MCX, October gold futures jumped 0.13 per cent to Rs 50,470 per 10 gm, while silver December futures were at Rs 61,145 per kg. 

At close of trade on Friday, Gold was headed for its best weekly gain in nearly two months, despite prices slipping from a more than one-week high as the dollar strengthened amid doubts regarding the U.S. stimulus package. Spot gold was down 0.7 per cent at $1,892.06 per ounce by 0306 GMT, after rising 1 per cent to a 1-1/2-week high of $1,911.66 in the previous session. US gold futures dropped 1 per cent to $1,898.

However, bullion has gained 1.8 per cent this week, its biggest weekly percentage rise since the week ended Aug. 7. The U.S. House of Representatives approved a $2.2 trillion Democratic plan to provide more economic relief from the Covid-19 pandemic, as a bipartisan deal continued to elude House Speaker Nancy Pelosi and the White House.

The deteriorating short-term technical picture and lack of current monetary stimulus to boost precious metals remain a concern to gold bulls, said Avtar Sandu, a senior commodities manager at Phillip Futures in a note.