Gold price today fell to Rs 53,610 from Rs 53,720 per 10 gm, while silver price was trending at Rs 67,700 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 is at Rs 49,150 per 10 gm, while in Chennai it fell to Rs 47,250. In Mumbai, the rate was Rs 49,260 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,560 per 10 gm.
Gold prices fell Rs 243 to Rs 49,653 per 10 gram in the national capital on Tuesday, reflecting the weakness in global price of the precious metal, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 49,896 per 10 gram. Silver prices also declined Rs 216 to Rs 67,177 per kilogram from Rs 67,393 per kilogram in the previous trade.
In the international market, gold prices dipped on Tuesday as its safe haven allure was blunted by a strong dollar, which added to gains after the release of strong U.S. economic data amid the new coronavirus strain in the UK.
Bullion hit a six-week high of $1,906.46 on Monday, mainly supported as U.S. Congress approved a $892 billion coronavirus aid package to support the pandemic-ravaged economy.
“While gold prices are prone to profit-taking into the year-end given prices are up over 20% this year, a number of risks continue to linger amid tighter lockdown measures and restrictions, new strain of the virus and Brexit negotiations,” Standard Chartered Analyst Suki Cooper said.
The dollar firmed against a basket of peers, helped by U.S. economic data, and weakening rivals, which were weighed down by Brexit uncertainty.
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