Gold price today at Rs 54,760 per 10 gm, silver trending at Rs 67,000 a kg
Gold prices today fell to Rs 54,760 from Rs 54,870 per 10 gm, while silver was trending at Rs 67,000 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 50,200 per 10 gm, and in Chennai, it jumped to Rs 49,340. In Mumbai, the rate was Rs 50,300, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,820 per 10 gm.
On the MCX, October gold futures fell 2.4 per cent to Rs 50,471 per 10 gm, while silver December futures were at Rs 61,316 per kg.
Gold slumped over 3 per cent on Monday, sliding to its lowest level in more than a month, as a broader market sell-off driven by uncertainty over more US fiscal stimulus pressured the precious complex along with a stronger dollar.
Silver plunged 9.4 per cent to $24.25, its lowest level in over a month.
Spot gold dropped 3.2 per cent to $1,887.26 per ounce and hit a low since Aug. 12 at $1,882.69 earlier. US gold futures fell 2.8 per cent to $1,906.80.
"Gold should be trading higher on safe-haven demand but it's kind of a repeat back like in the spring when the market sell-off comes, market participants have been selling off assets across the board," said Bob Haberkorn, senior market strategist at RJO Futures.
Gold has been feeding off progressive rounds of more stimulus and the fact that this has stopped in the United States - at least for now - seems to have halted the gold rally in its tracks, ED&F Man Capital Markets analyst Edward Meir said in a note.