Gold prices today at Rs 52,890 per 10 gm, silver trends at Rs 61,500 a kg

Gold prices today remained stable at Rs 52,890 per 10 gm yesterday, while silver was trending at Rs 61,500 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 49,400 per 10 gm, while in Chennai it climbed to Rs 47,230. In Mumbai, the rate was Rs 49,950 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,410 per 10 gm. 

On the MCX, December gold futures climbed 0.17 per cent to Rs 50,925 per 10 gm, while silver December futures were at Rs 61,980 per kg. 

Gold prices fell Rs 59 to Rs 51,034 per 10 grams in the national capital on Monday, according to HDFC Securities. The precious metal had in the previous session closed at Rs 51,093 per 10 gram. Silver also tanked Rs 753 to Rs 62,008 per kilogram from Rs 62,761 per kilogram in the previous trade.

In the international market, gold fell below the key psychological level of $1,900 on Monday to its lowest in more than a week, pressured by a firmer dollar and stalled progress in talks for a new U.S. coronavirus aid package.

In New Delhi the price of 22-carat gold remained at Rs 49,400 per 10 gm, while in Chennai it climbed to Rs 47,230 US gold futures fell 0.3% to $1,900.50.

"There seems to be a lack of impetus to find extra buyers (for gold)... A lot of it is because we're trading in the looming shadow of the U.S. elections and stimulus speculation," said IG Markets analyst Kyle Rodda. U.S. House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest plan for more COVID-19 relief and that she expected a response on Monday.

But with the presidential elections fast approaching, analysts said a victory for Democrat rival Joe Biden could help gold rally on a potential large stimulus package, especially amid COVID-19 cases surging in the United States.