Gold prices today fell to Rs 53,350 from Rs 53,790 per 10 gm, while silver was trending at Rs 60,700 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 charges.
In New Delhi, the price of 22-carat gold remained at Rs 48,900 per 10 gm, and in Chennai, it climbed to Rs 48,020. In Mumbai, the rate was Rs 48,980, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,380 per 10 gm.
On the MCX, October gold futures jumped 0.11 per cent to Rs 50,626 per 10 gm, while silver December futures were at Rs 61,941 per kg.
Gold prices fell by Rs 389 to Rs 51,192 per 10 gram in the national capital on Monday, in line with a weak global trend, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 51,581 per 10 gram.
Silver prices also declined Rs 466 to Rs 61,902 per kilogram from Rs 62,368 per kilogram in the previous trade. In the international market, gold was quoting lower at USD 1,892 per ounce, while silver was trading flat at $23.81 per ounce.
Meanwhile, Tata Group's jewellery brand Tanishq is planning to introduce light weight products to attract customers and is working on innovations to create same designs with lower weights. As gold prices have jumped by nearly 60 per cent since April 2019, customers are looking to buy ornaments with lower weights within a particular budget, therefore, the company is working on reducing the weight of jewellery by 20-30 per cent,