Gold prices today fell to Rs 54,330 from Rs 53,970 per 10 gm, while silver was trending at Rs 63,800 per kg, according to the Good Returns website.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.
In New Delhi, the price of 22-carat gold remained at Rs 49,800 per 10 gm, and in Chennai, it climbed to Rs 48,870. In Mumbai, the rate was Rs 49,820 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,310 per 10 gm.
On the MCX, October gold futures jumped 0.57 per cent to Rs 51,107 per 10 gm, while silver December futures were at Rs 63,098 per kg.
Gold prices rose by Rs 240 to Rs 52,073 per 10 gram on Monday amid rupee depreciation, according to HDFC Securities. The precious metal had closed at Rs 51,833 per 10 gram in the previous trade. Silver prices also jumped Rs 786 to Rs 64,927 per kilogram from Rs 64,141 per kilogram in the previous trade.
"Spot gold prices for 24 carat in Delhi were up Rs 240 on rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. Gold imports by India slumped in September after a short-lived rebound as high prices prompted buyers to defer purchases.
Inbound shipments fell 38 per cent in September from a year earlier to 8.4 tons, according to a person familiar with the data. Imports were down from 35.5 tons in August. Imports had risen in July and August as jewelers readied stocks ahead of festivals. But demand has cooled as buyers hold off on purchases in a bet that prices will further decline.