The price for 24-carat gold edged lower to Rs 47,040 per 10 gm on Tuesday from Rs 48,190 in the earlier trading session. The price 10 gm of 22-carat gold on Tuesday slid to Rs 47,040 per from Rs 47,190. Silver fell to Rs 67,800 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 price of 22-carat gold was up Rs 47,150 per 10 gm. In Chennai, it was hiked to Rs 45,460. The Mumbai rate is Rs 47,040, according to the website.
The price for 24-carat gold edged lower to Rs 47,040 per 10 gm on Tuesday from Rs 48,190 in the earlier trading session.
Silver, on Tuesday, witnessed a drop of Rs 600 to Rs 67,800 from Rs 68,400 per kilogram on Monday.
The Indian rupee tumbled 31 paise to end at 74.88 (provisional) against the US currency on Monday, marking its second straight session of loss amid a lack lustre trend in domestic equities and strengthening of the greenback overseas.
In the global market, gold inched lower in choppy trading on Monday, as a buoyant dollar offset a slump in Treasury yields to their lowest levels since February.
Spot gold shed 0.2% to $1,807.59 per ounce by 11:06 am EDT (1806 GMT). US gold futures settled 0.3% lower at $1,809.20.
The dollar index hit a more than three-month high, making gold more expensive for other currency holders, and countering the sharp fall in US benchmark Treasury yields.