In New Delhi, the price of 22-carat gold was down at Rs 46,140 per 10 gm. In Chennai, it declined to Rs 44,290. The Mumbai rate is Rs 46,220, according to the website.
The price for 24-carat gold edged lower to Rs 47,220 per 10 gm on Monday from Rs 48,350 in the Friday trading session.
Gold purchases in India ticked up in the later part of the last week after a decline in local rates, although dealers cautioned that demand is unlikely to return to normal levels soon, according to a Reuters report. Jewellery stores have opened in most parts of the country but they are witnessing lower footfalls.
Silver, on Monday, witnessed a massive decline of Rs 2,700 to Rs 67,600 from Rs 70,300 per kilogram on Friday.
The Indian rupee slumped 15 paise to 74.23 against the US dollar in opening trade on June 18, Friday as the US dollar extended gains, a day after the US Federal Reserve surprised markets
with its hawkish statement.Forex traders said muted domestic equities also weighed on investor sentiments.
In the global market, gold struggled for traction in choppy trading on Friday en route to its worst week in over a year as the dollar extended its rally on the back of the US Federal Reserve’s hawkish outlook.
Spot gold edged 0.1% lower to $1,770.96 per ounce by 1:51 pm EDT (1751 GMT), stalling an initial uptick on some bargain buying. Prices were down 5.7% for the week, having slid more than 2% on Thursday.
US gold futures settled 0.3% down at $1,769 an ounce.
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