Gold prices today jumped to Rs 54,390 from Rs 54,380 per 10 gm, while silver was trending at Rs 67,900 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 49,860 per 10 gm, and in Chennai, it jumped to Rs 48,910. In Mumbai, the rate was Rs 49,450, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,350 per 10 gm.
On the MCX, October gold futures fell by 0.88 per cent to Rs 51,319 per 10 gm, while silver December futures were at Rs 67,928 per kg.
In the previous trade, the precious metal had closed at Rs 52,104 per 10 gram. Silver prices also gained Rs 875 to Rs 69,950 per kilogram from its previous close of Rs 69,075 per kilogram.
Gold prices have climbed 28% this year as governments and major central banks pumped massive stimulus into the economy and kept interest rates low to alleviate the economic toll of the coronavirus.
Meanwhile Gold-backed exchange-traded funds (ETFs) recorded a fifth consecutive month of inflows in August. Inflows in August came despite gold price coming off its all-time high, though it has risen 30 per cent in the first eight months of the year.
The average gold price for the month was five per cent lower than the previous month. Interestingly, August was the first month of 2020 when gold investments yielded negative returns. There are about 11 gold ETF schemes offered by domestic MFs