According to website goodreturns.in, the price for 24-carat gold in New Delhi fell to Rs 47,150 from Rs 47,700 per 10 gram. Gold rate in Chennai is Rs 49,170 and Mumbai Rs 46,950.
The price of 22-carat gold is about Rs 45,950 in New Delhi per 10 gram while in Chennai, the price is at Rs 45,070. In Mumbai, it is Rs 45,950.
On Tuesday, the website had recorded the 24-carat gold price
at Rs 46,950, a down of Rs 120 from previous day.
The lowest record of gold rate past month stood at Rs 45,300 on May 12, and highest price touched Rs 47,600 on May 20.
Meanwhile, the rates of silver kept on increasing per kilogram. According to goodreturns.in, the price of silver today was recorded Rs 50,160 per kilogram across the country.
The price of silver jumped by 3.33 per cent in Mumbai's spot Zaveri Bazaar on Saturday to hit the highest in six-and-a-half years as investors booked the white precious metal as an alternative to gold.
Globally, the gold-silver ratio hit a historical high of 117 last week. Silver offers a good opportunity to earn high returns.
On Tuesday, the yellow metal firmed as investors sought a hedge against the economic fallout from the coronavirus pandemic and uncertainties stemming from tensions between Washington and Beijing and protests across the US.
Spot gold was up 0.1 per cent at $1,741.65 per ounce while the US gold futures rose 0.2 per cent to $1,753.30.
"People know they need to be invested in the US equity markets
... but they also need that gold exposure because there's so much uncertainty," Michael Matousek, head trader at US Global Investors, told the Reuters.
Reflecting investor sentiment, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.5 per cent to 1,128.40 tonnes on Monday, the highest in seven years.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.