According to the Indian Bullion and Jewelers Association, gold prices fell by Rs 577 to Rs 53,951 per 10 grams on Wednesday, while silver prices also fell by Rs 1,100 to Rs 71,211 per kg from Rs 72,354.
In New Delhi, 22-carat gold prices fell by Rs 650 to Rs 53,450 per 10 grams, while 24-carat prices also fell to Rs 54,750. According to HDFC Securities, gold prices declined by Rs 1,317 on Tuesday to Rs 54,763 per 10 grams nationally. In Chennai, the rate was Rs 53,140 for a 22-carat, while it was Rs 58,030 for a 24-carat. According to the Good Returns website, 10 grams 22 carats in Mumbai was retailing for Rs 53,380.
Gold futures on MCX slipped nearly 6% to close at Rs 51,739, while silver futures fell 12% to Rs 66,347 per kg.
In the international market, gold fell 4.3% on Tuesday. Silver fell as much as 8% among other precious metals - its largest daily decline since mid-March. It was down 7.2% to $ 27.06 an ounce. Gold spot fell 4.2% to $ 1,941.71 an ounce.