Gold price today fell to Rs 54,160 from Rs 54,650, while silver price was trending at Rs 69,700 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 gold is at Rs 49,650 per 10 gm, while in Chennai it fell to Rs 48,050. In Mumbai, the rate was Rs 50,050 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,410 per 10 gm.
Gold in the national capital plunged Rs 714 to Rs 50,335 per 10 gram on Thursday, reflecting a decline in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 51,049 per 10 gram. Silver also dipped by Rs 386 to Rs 69,708 per kilogram from Rs 70,094 per kilogram in the previous trade.
In the international market, Gold eased on Thursday on a stronger dollar and higher U.S. Treasury yields, but prospects of more fiscal stimulus under a Democrat-led administration in Washington capped losses. Spot gold was down 0.3 per cent to $1,912.86 per ounce. US gold futures were up 0.3 per cent at $1,913.90.
Prices slipped as much as 2.5 per cent after scaling their highest since Nov. 9 on Wednesday, as 10-year U.S. Treasury yields jumped above 1 per cent for the first time since March.
The higher treasury yields are pulling some "flight to safety money out of the gold market," said Bob Haberkorn, senior market strategist at RJO Futures.
But while the stronger dollar is weighing on gold, the greenback's upside is likely to be "short lived," he added.