The price of 22-carat gold on Saturday slid to Rs 45,240 for 10 gm from Rs 45,380 on Friday. Silver was at Rs 61,600 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 charges.
In New Delhi, the price of 22-carat gold was down at Rs 45,350 per 10 gm. In Chennai, it declined to Rs 43,570. The Mumbai rate is Rs 45,240, according to the website.
The price for 24-carat gold edged lower to Rs 46,240 per 10 gm on Saturday from Rs 46,300 in the Friday trading session.
Silver, on Saturday,remained static at Rs 60,600 per kilogram.
The Indian rupee depreciated 13 paise to 73.77 against the US dollar in opening trade on Friday, in line with other Asian currencies amid a strong greenback in the overseas market.
In the global market, US Fed Chair indicated a gradual tapering at the end of the Federal Open Market Committee (FOMC) meeting that impacted the international gold market negatively.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.