Gold prices drop to Rs 53,815 per 10 gram, silver zooms to Rs 69,998 a kg

Gold prices slumped on Wednesday to Rs 53,815 from Rs 54,111 per 10 gram while silver prices continued its rally as it zoomed Rs 502 to Rs 69,998 per kg, from Rs 68,900 in the previous trade, according to Indian Bullion and Jewellers Association.

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, prices of 22-carat gold remain steady at Rs 51,150 per 10 gram while prices of 24-carat was at Rs 55,090. In Chennai, the rate for 22-carat jumped over Rs 900 to Rs