Gold price today jumped to Rs 51,320 from Rs 51,100 per 10 gm, while silver was trending at Rs 60,200 per kg, according to the Good Returns website.

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

In the national capital, the price of 22-carat gold rose to Rs 47,050 per 10 gm. In Chennai, the price tumbled to Rs 45,260. Going by the Good Returns website, the gold price in Mumbai was recorded to be Rs 46,920. The 24-carat gold in Chennai was being sold at Rs 49,380 per 10 gm.

Speculations are rife that gold price in India may fall below its previous rate of Rs 40,000 per 10 gram in the next four months as prices continued to fall rapidly over the past week, tracking weak global cues.

After a brief surge during Dhanteras and Diwali earlier this month, gold prices recorded the highest drop in November as it fell by over Rs 3,000.

With the coronavirus cases dropping amid development on the vaccine front and the economy slowly reviving, gold and silver prices are expected to continue on a downward path for the upcoming months.

“Spot gold prices for 24 karat in Delhi were trading up by Rs 45 in line with the recovery in global gold prices despite rupee appreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. The spot rupee was trading around 4 paise stronger against the dollar during the day, he added.

Gold jumped over 2 percent on Tuesday, rebounding from a five-month low in the last session, and silver soared over 5 percent, as the dollar slid, with U.S. stimulus bets due to mounting COVID-19 cases adding to bullion’s appeal as an inflation hedge. Making gold more attractive to investors holding other currencies, the dollar fell on expectations of more U.S. stimulus.

Mean-while, On Tuesday, India reported a significant drop in the number of fresh Covid-19 cases. Its case tally now stands at 9,499,710. The country’s death toll has mounted to 138,159. With 1,828,826 cases, Maharashtra has the highest number of coronavirus cases, followed by Karnataka 886,227, Andhra Pradesh 868,000, Tamil Nadu 783,319, and Kerala 608,357. Delhi recorded 4,006 fresh Covid-19 cases, taking the infection tally in the national capital to over 574,000, while 86 more fatalities pushed the toll from the disease to 9,260.

In the wake of reporting of two adverse events that occurred with the volunteers during the vaccine trial, the fear and hesitation among the people to take the vaccine are growing. However, the union health ministry on Tuesday said that the government doesn’t intend to immunize each individual with the Covid-19 vaccine.
World coronavirus update: The global tally of coronavirus cases stands at 64,167,294. While 44,426,026 have recovered, 1,485,649 have died so far. The US, the worst-hit country, has 14,102,948 cases, and 276,914 have died from the disease there. It is followed by India, which has 9,499,710 cases, Brazil (6,388,526), Russia (2,322,056), France (2,230,571).