Gold price today Rs 51,320 per 10 gm, silver trending at Rs 60,200 a kg

Gold price today jumped to Rs 51,320 from Rs 51,100 per 10 gm, while silver was trending at Rs 60,200 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 changes.

In New Delhi, the gold price of 22-carat climbed to 47,050 per 10 gm, while in Chennai it slumped to Rs 45,260. In Mumbai, the rate was Rs 46,920 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 49,380 per 10 gm. 

On the MCX, December gold futures was up 1.46 per cent to Rs 48,486 per 10 gm, while silver December futures were at Rs 62,200 per kg. 

Gold prices rose Rs 45 to Rs 48,273 per 10 gram in the national capital on Tuesday on a positive global trend, according to HDFC Securities.

The yellow metal had closed at Rs 48,228 per 10 gram on Monday. Silver prices also gained Rs 407 to Rs 59,380 per kg, compared with Rs 58,973 per kg in the previous trade.

"Spot gold prices for 24 karat in Delhi were trading up by Rs 45 in line with recovery in global gold prices despite rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. The spot rupee was trading around 4 paise stronger against the dollar during the day, he added.

Gold jumped over 2 per cent on Tuesday, rebounding from a five-month low in the last session, and silver soared over 5 per cent, as the dollar slid, with U.S. stimulus bets due to mounting COVID-19 cases adding to bullion's appeal as an inflation hedge. Making gold more attractive to investors holding other currencies, the dollar fell on expectations of more U.S. stimulus.

In remarks released on Monday, Federal Reserve Chair Jerome Powell highlighted challenges of production and mass distribution before the economic impact of a vaccine becomes clear.

The Fed is going to remain fairly accommodative, OANDA's Moya said.