Gold prices today at Rs 54,100 per 10 gm, silver trends at Rs 63,500 a kg

Gold prices today rose marginally to Rs 54,100 from Rs 53,790 per 10 gm yesterday, while silver was trending at Rs 63,500 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 49,600 per 10 gm, while in Chennai it climbed to Rs 47,050. In Mumbai, the rate was Rs 50,120 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,330 per 10 gm. 

On the MCX, December gold futures climbed 0.77 per cent to Rs 51,300 per 10 gm, while silver December futures were at Rs 63,565 per kg. 

Gold prices rose by Rs 512 to Rs 51,415 per 10 gram in the national capital on Wednesday, following a positive global trend and rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 50,903 per 10 gram in the previous day's trade. Silver prices also jumped Rs 1,448 to Rs 64,015 per kg from Rs 62,567 per kg in the previous day's trade. "Spot gold prices for 24 carat in Delhi were higher by Rs 512, reflecting rally in international gold prices and rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In international market, gold rose 1% to its highest in over a week on Wednesday as investor optimism that a U.S. coronavirus aid package will be announced before the Nov. 3 presidential elections pressured the dollar and bolstered bullion's appeal as an inflation hedge.

Spot gold jumped 1.1% to $1,926.76 per ounce by 12:15 p.m. ET (1615 GMT), after touching its highest since Oct. 12. U.S. gold futures rose 0.8% to $1,931.10.

"Nancy Pelosi had a Tuesday deadline. Well, now it's been pushed down to Friday. Knowing that, people think a deal might get done in the near future, so they're starting to accumulate gold," said Michael Matousek, head trader at U.S. Global Investors.