Gold price today at Rs 52,420 per 10 gm, silver trending at Rs 63,400 a kg

Gold price today fell to Rs 52,420 from Rs 53,190 per 10 gm, while silver price was trending at Rs 63,400 per kg, according to the Good Returns website.

Gold jewellery price vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

Gold prices declined Rs 534 to Rs 48,652 per 10 gram on Thursday in the national capital in line with lower global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 49,186 per 10 gram. Silver also dipped Rs 628 to Rs 62,711 per kg, from Rs 63,339 per kg in the previous trade.

In the international market, Gold edged lower on Thursday, hovering close to a one-week low hit in the last session, with its appeal dented by continued optimism for a vaccine-led boost to a global economic recovery.

“Gold is likely to see a bit of retracement as there’s not much safe haven demand in the near term,” said Bank of China International analyst Xiao Fu.

“Nevertheless, there could still be fluctuations in the market as the coronavirus situation in the USA and Europe are still quite severe.”

Global stocks held steady, caught between optimism over the rollout of COVID-19 vaccines in Britain and Canada and worries surrounding surging cases, especially in the United States. The European Central Bank (ECB) unveiled fresh monetary policy decisions.

Gold initially rose after the jobs data and a further accommodative stance from the European Central Bank. Gold, regarded as a hedge against inflation has risen over 21% so far this year underpinned by unprecedented stimulus unleashed across the globe in 2020.

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