Gold price today at Rs 51,610 per 10 gm, silver trending at Rs 62,400 a kg

Gold price today jumped to Rs 51,610 from Rs 51,320 per 10 gm, while silver was trending at Rs 62,400 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 47,310 per 10 gm, while in Chennai it slumped to Rs 46,120. In Mumbai, the rate was Rs 47,640 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,310 per 10 gm. 

On the MCX, December gold futures was up 1.19 per cent to Rs 48,849 per 10 gm, while silver December futures were at Rs 62,366 per kg. 

Gold prices rose Rs 675 to Rs 48,169 per 10 gram on Wednesday reflecting gains in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 47,494 per 10 gram. Silver price also rose Rs 1,280 to Rs 62,496 per kg, from Rs 61,216 per kg in the previous trade.

In the international market, Gold rose to an over one-week high on Wednesday on a soft dollar, while signs of progress in discussions over a new U.S. coronavirus relief package bolstered bullion's appeal as a hedge against possible inflation.

Spot gold rose 0.9% to $1,830.40 per ounce by 1038 GMT, having earlier hit $1,832.20, its highest since Nov. 24. US gold futures gained 0.8% to $1,833.60.

"There's a risk that you could get a little bit of inflation... There is a good possibility we will retest $1,835- $1,836 level," said Michael Hewson, chief market analyst at CMC Markets UK.

However, more positive vaccine news could push more money out of gold and into riskier assets, Hewson added. Making bullion cheaper for holders of other currencies, the dollar steadied off a low since April 2018.