Gold price today fell to Rs 52,420 from Rs 52,860, while the silver price was trending at Rs 64,800 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 gold is at Rs 48,050 per 10 gm, while in Chennai it fell to Rs 46,800. In Mumbai, the rate was Rs 48,310 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,054 per 10 gm.
Gold prices rose Rs 389 to Rs 48,866 per 10 gram in the national capital on Monday, in line with the rise in global price of the precious metal and rupee depreciation, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 48,477 per 10 gram. Silver prices also jumped Rs 1,137 to Rs 64,726 per kilogram from Rs 63,589 per kilogram in the previous trade. The rupee depreciated 24 paise to 73.48 against the US dollar in the opening trade on Monday.
In the international market, Gold on Monday bounced off a six-week trough as a rally in equities stalled, though gains were capped by a stronger dollar and higher U.S. Treasury yields.
Spot gold was up 0.1% at $1,849.64 per ounce by 1039 GMT, after touching its lowest since Dec. 2 at $1,816.53. Gold last week recorded its biggest percentage fall since late November.
US gold futures gained 0.8% to $1,849.70. "Some investors are taking a pause on other markets, and this is supportive for gold," said ActivTrades chief analyst Carlo Alberto De Casa, adding the evolution of Covid-19 and how stock markets react is a significant element for bullion.
European stocks slipped from more than 10-month highs after surge in coronavirus infections.