The gold rates fell on Thursday as revealed by Indian Bullion and Jewellers Association. The prices of silver also fell, they said.
According to the prices given by the Indian Bullion and Jewellers Association, the rate without GST for gold (purity-999) was at Rs 39881 on Thursday. On Wednesday, the gold rate was at Rs 40851.
Silver prices fell from Rs 47795 (purity 999) on Wednesday to Rs 46375 on Thursday.
As tensions in the Middle-East seem to subside for the time being, the nervousness among investors too gave way to confidence with stock markets soaring and gold prices retreating from the recent record levels.
The BSE Sensex jumped over 500 points during the initial trade on Thursday, tracking gains on the Asian markets on the back of the ease in tensions between the US and Iran.
At 10.30 a.m., Sensex was trading at 41,290.57, higher by 472.83 points or 1.16 per cent from the previous close of 40,817.74 points.
It had opened at 41,216.67 and has so far touched an intra-day high of 41,318.18 and a low of 41,175.72 points so far.
The Nifty50 on the National Stock Exchange was trading at 12,165.25 points, higher by 139.90 points or 1.16 per cent from the previous close.