Gold price today rose to Rs 48,010 from Rs 47,890 while silver price was trending at Rs 69,600 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 changes.
In New Delhi, the gold price of 22-carat gold inched by Rs 100 to Rs 46,900 per 10 gm, while in Chennai it fell by Rs 150 to Rs 45,220. In Mumbai, the rate increased to Rs 47,010 according to the Good Returns website. The price of 24-carat gold in Chennai also declined to Rs 49,300 per 10 gm.
In the international market, Gold rose on Wednesday, hovering near a one-week peak hit in the previous session, as a weaker dollar and rising hopes of a US stimulus elevated bullion’s appeal as a hedge against inflation.
Spot gold rose 0.3 per cent to $1,842.41 per ounce by 0342 GMT. Prices hit their highest since February 2 at $1,848.40 in the previous session. US gold futures gained 0.3 per cent to $1,843.50.
Making gold more affordable, the dollar fell to a near two-week low against rivals.
“With US yields holding steady, gold is moving inversely to the U.S. dollar. That says to me this is not a gold story, rather it is a weak dollar story,” said Jeffrey Halley, a senior market analyst at OANDA.
US President Joe Biden’s $1.9 trillion coronavirus relief bill is expected to pass through Congress with little changes despite opposition from Republicans over the aid’s price tag.