Gold price today at Rs 49,000 per 10 gm, silver trending at Rs 65,800 a kg

Gold price on Tuesday inched up to Rs 49,000 from Rs 48,960 per 10 gm, while the silver price was trending at Rs 65,000 per kg, according to the Good Returns website.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.
In New Delhi, the gold price of 22-carat gold is at Rs 47,800 per 10 gm, while in Chennai it is at Rs 46,320. In Mumbai, the rate was Rs 48,000 according to the Good Returns website.

The price of 24-carat gold in Chennai was Rs 50,510 per 10 gm.

Silver prices remained unchanged at Rs 65,800 per kg in previous trade.

In the international market, gold inched away from a 1-1/2-month low touched earlier on Monday as expectations of additional fiscal stimulus in the US buoyed bullion's appeal as an inflation hedge.

Spot gold was up 0.3% at $1,832.36 per ounce by 9:54 a.m. EST (1454 GMT), after falling to $1,809.90, its lowest since Dec. 2. US gold futures rose 0.1% to $1,831.90.

"This new (US) government will provide more economic stimulus and also the policy of the US Federal Reserve is unlikely to become more hawkish going forward," said Commerzbank analyst Eugen Weinberg.

"Therefore we are likely to see continued support for gold prices."