Gold price today fell to Rs 53,600 from Rs 55,250 per 10 gm, while silver was trending at Rs 61,900 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 changes.
In New Delhi, the gold price of 22-carat fell to Rs 49,150 per 10 gm, while in Chennai it climbed to Rs 47,800. In Mumbai, the rate was Rs 49,720 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,130 per 10 gm.
On the MCX, December gold futures rose 1.21 per cent to Rs 50,449 per 10 gm, while silver December futures were at Rs 62,867 per kg.
Gold prices tanked Rs 662 to Rs 50,338 per 10 gram in the national capital on Tuesday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 51,000 per 10 gram.
Silver prices also tumbled Rs 1,431 to Rs 62,217 per kilogram from Rs 63,648 per kilogram in the previous trade. "Correction in gold prices in India may attract festival buying ahead of auspicious 'Dhanteras'," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, Gold regained some lost ground on Tuesday after a sharp fall in the previous session as concerns over global economic recovery and expectations of further fiscal and monetary stimulus offered support to the safe-haven metal.
Spot gold rose 1.2 per cent at $1,884.31 an ounce. US gold futures gained 1.6 per cent to $1,883.50.
Gold is trying to find equilibrium this morning, 24 hours after the Pfizer earthquake rearranged the landscape. I expect gold will continue to grind back higher, but it's going to take a bit longer," said Tai Wong, head of base and precious metals derivatives trading at BMO.