The price of 10 gm of 22-carat gold on Thursday slid to Rs 47,120 per from Rs 47,300 and silver tanked to Rs 66,600 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 is down to Rs 47,050 per 10 gm. In Chennai, it dropped to Rs 45,300. The rate in Mumbai is Rs 47,120, according to the website.
Prices for 24-carat gold witnessed a decline of Rs 180 per 10 gram to Rs 48,120 on Thursday from Rs 48,300 in the previous trading session.
Silver fell by Rs 900 per kilogram to Rs 66,600 per kilogram from Rs 67,500 in the previous trade.
Indian rupee ended near the day’s high at 74.61 per dollar, amid selling was seen in the domestic equity market.
In the global market, gold dropped for a second straight session to its lowest level in more than a week on Wednesday, as risk appetite resumed with equities and US bond yields rebounding to curb safe-haven bullion bids.
Spot gold fell 0.4% to $1,803.11 per ounce by 12:34 pm EDT, having hit a low since July 12 of $1,793.59. U.S. gold futures settled 0.4% down at $1,803.40.
Surging Delta variant Covid-19 infections, which raised fears over a stalling global economic recovery, had weighed on risk sentiment and sparked an equities sell-off on Monday, but stocks and bond yields have since recovered, dimming safe-haven bullion’s appeal.