Gold price on Thursday fell to Rs 47,180 from Rs 47,450, while silver price was trending at Rs 63,200 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 price of 22-carat gold is at Rs 43,250 per 10 gm, while in Chennai it fell to Rs 41,740. In Mumbai, the rate was Rs 43,370 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 45,540 per 10 gm.
Gold gained Rs 44 to Rs 44,347 per 10 gram in the national capital on Thursday, supported by weaker rupee and overnight gain in global precious metal prices, according to HDFC Securities. It had closed at Rs 44,303 per 10 gram in the previous trade. Silver, however, dipped Rs 637 to Rs 64,110 per kg, from Rs 64,747 per kg in the previous trade.
Gold prices declined by Rs 49 to Rs 43,925 per 10 gram in the national capital on Wednesday reflecting overnight selling in global precious metal prices, according to HDFC Securities. The precious metal had closed at Rs 43,974 per 10 gram in the previous trade.
Silver also registered a fall of Rs 331 to Rs 62,441 per kg from Rs 62,772 per kg in the previous trade. “Spot gold prices for 24 carat in Delhi were down by Rs 49 reflecting overnight selling in COMEX (New York-based commodities exchange) prices while weaker rupee capped the downside,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
In the international market, Gold gained over 1% on Wednesday, helped by the dollar’s pullback, but elevated U.S. bond yields still put the metal on course for its biggest quarterly decline in more than four years.
Spot gold rose 1.5% to $1,710.45 per ounce by 12:47 p.m EDT (1647 GMT), after touching its lowest since March 8 at $1,677.61. U.S. gold futures were up 1.5% at $1,711.60.
Gold is down over 9% for the quarter and is on track for its worst quarterly performance since end-December 2016.
“As we’ve seen bond yields stabilize and the dollar pull back off its recent highs, we have seen a little move off the lows in the gold market,” said David Meger, director of metals trading at High Ridge Futures.
The dollar edged off a near five-month peak.
US President Joe Biden’s “very large structural stimulus plan” has contributed to concerns over inflation and should support gold markets, Meger said.