Gold price today fell to Rs 54,650 from Rs 54,700, while silver price was trending at Rs 71,400 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 50,060 per 10 gm, while in Chennai it fell to Rs 48,850. In Mumbai, the rate was Rs 50,350 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,290 per 10 gm.
Gold prices in the national capital fell Rs 71 to Rs 51,125 per 10 grams on Wednesday amid rupee appreciation, according to HDFC Securities.
In the previous trade, the precious metal had closed the day at Rs 51,196 per 10 grams. Silver, however, gained Rs 156 to Rs 70,082 per kg as compared with Rs 69,926 per kg in the previous day.
The rupee opened on a flat note and appreciated 3 paise to 73.14 against the US dollar in opening trade on Wednesday.
In the international market, Gold tumbled more than 2% on Wednesday, hit by a rebound in the dollar as U.S. Treasury yields surged, showing that investors are betting on a Democrat win in the U.S. Senate runoff elections in Georgia.
Spot gold was down 2.2 per cent at $1,907.21 per ounce, having earlier hit a near two-month peak at $1,959.01. U.S. gold futures dropped 2.3% to $1,909.10.
"Higher (bond) yields have boosted the dollar and triggered a selloff in gold that accelerated with stops under $1,935-40," said Tai Wong, head of base and precious metals derivatives trading at BMO. "$1,900 is an important pivot that needs to hold to maintain the short term bullish narrative."