The price of 24-carat gold dipped Rs 50 in early trade on Tuesday, with ten grams of the precious metal selling for Rs 61,640, according to the GoodReturns website. The price of silver was unchanged, with one kilogram of the precious metal selling at Rs 76,000.
The price of 22-carat gold slipped Rs 50, with the yellow metal selling at Rs 56,500.
In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,640.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 61,790, Rs 61,640, and Rs 62,230, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,500.
In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 56,650, Rs 56,5o0, and Rs 57,050, respectively.
US gold prices rose on Tuesday, supported by a weaker dollar as investors look forward to minutes from Federal Reserve's latest meeting for more guidance on its interest rate outlook.
Spot gold was up 0.3 per cent at $1,983.81 per ounce, as of 0041 GMT. US gold futures also gained 0.3 per cent to $1,985.70.
Spot silver rose 0.5 per cent to $23.52 per ounce, while platinum was up 0.1 per cent at $919.40. Palladium was flat at $1,077.14 per ounce.
In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 76,000.
In Chennai, one kilogram of silver is trading at Rs 79,000.
(With inputs from Reuters)