Gold prices today climbed to Rs 53,740 from Rs 53,730 per 10 gm, while silver was trending at Rs 61,000 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 49,260 per 10 gm, and in Chennai, it climbed to Rs 48,350. In Mumbai, the rate was Rs 49,550 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,750 per 10 gm.
On the MCX, October gold futures climbed 0.31 per cent to Rs 50,700 per 10 gm, while silver December futures were at Rs 61,420 per kg.
Gold prices declined Rs 32 to Rs 51,503 per 10 gram in the national capital on Thursday, falling for the third consecutive day amid muted global trends, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 51,535 per 10 gram. Silver prices also fell Rs 626 to Rs 62,410 per kilogram from Rs 63,036 per kilogram in the previous trade. “Gold prices traded under pressure on stronger dollar as investors switched to dollar as safe-haven buying,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Gold prices inched up on Thursday after U.S. President Donald Trump reignited hopes of a coronavirus stimulus package before the Nov. 3 elections, however, a strong dollar kept the metal’s gains in check. Spot gold was up 0.1% at $1,903.39 per ounce by 1:02 p.m. EDT (1702 GMT). U.S. gold futures was flat at $1,906.80.
Trump said he would agree to go higher than the $1.8 trillion that the White House has offered in coronavirus stimulus to strike a deal.
“The focus is on renewed hopes for stimulus talks as the U.S. president keeps pushing to get a deal done and gold is ignoring the strength in the dollar,” ED&F Man Capital Markets analyst Edward Meir said. “But with the dollar as strong as it is, the upside in gold will likely be limited.”