In the international market, Gold prices jumped as much as 1% on Wednesday.
Gold price today fell to Rs 53,180 from Rs 53,610 per 10 gm, while silver price was trending at Rs 66,900 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 is at Rs 49,750 per 10 gm, while in Chennai it fell to Rs 47,130. In Mumbai, the rate was Rs 48,770 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,540 per 10 gm.
Gold prices on Wednesday declined Rs 252 to Rs 49,506 per 10 gram in the national capital, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 49,758 per 10 gram. Silver also dipped Rs 933 to Rs 66,493 per kg, from Rs 67,426 per kg in the previous trade.
In the international market, Gold prices jumped as much as 1% on Wednesday, bolstered by a weaker dollar, while investors kept hopes pinned on a U.S. stimulus package even after President Donald Trump threatened to not sign the relief bill.
Spot gold was up 0.7% at $1,872.03 per ounce, having risen as much as 1% earlier, while U.S. gold futures rose 0.5% to $1,879.00 per ounce.
"The economic data just cements the belief that the economy is slowing down and that should help the negotiations with stimulus ... it's going to be extremely likely that some type of stimulus deal will still get done," said Edward Moya, senior market analyst at OANDA.
"The slightly weaker dollar has provided a move higher for gold," Moya said, adding the stimulus deal and positive developments on the Brexit front are needed to further cement gold's bullish case.
Raising gold's allure for holders of other currencies, the dollar index dropped 0.5%, while investors also expected further declines in 2021.