Gold price today fell from Rs 46,767 to Rs 46,696 per 10 gram, while silver slipped from Rs 47,930 to Rs 47,800 per kilogram, according to India Bullion and Jewellers Association (IBJA).
The gold jewellery prices vary across India — the second-largest consumer of the metal — due to excise duty, state taxes and making charges.
On MCX, August gold futures fell 0.7 per cent to Rs 46,369 per 10 gram, a day after surging about Rs 700, media reports said on Friday.
According to the website goodreturns.in, the price of 24-carat gold in New Delhi fell to Rs 46,500 from Rs 46,650 per 10 gram. Gold rate in Chennai is Rs 48,830 and Mumbai Rs 46,000.
The price of 22-carat gold in New Delhi is about Rs 45,300 per 10 gram, while in Chennai the price is at Rs 44,750. In Mumbai, it is Rs 45,000.
On Thursday, the website had recorded the 24-carat gold price at Rs 46,000, a down of Rs 100 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 per kilogram also fell. According to goodreturns.in, the price of silver was recorded at Rs 48,480 per kilogram across the country.
Last week, the price of silver jumped by 3.33 per cent in Mumbai’s spot Zaveri Bazaar 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 Friday, gold prices dipped more than 2 per cent as investors’ hopes of a rebound in the global economy got a boost from stronger-than-expected US non-farm payrolls data, reducing demand for safe havens.
Spot gold slid 2 per cent to $1,675.70 per ounce while the US gold futures fell 2.8 per cent to $1,678.40.
Bullion has declined about 3 per cent so far this week, on track for its biggest fall since the week ending March 13, the Reuters reported.