Gold prices have nosedived and remains below Rs 46,000. In the national capital on Wednesday plunged Rs 226 to Rs 45,618 per 10 grams in line with a decline in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 45,844 per 10 grams.
In Mumbai, gold price on October 6 was Rs 45,500 per 10 gram of 22-carat.
Gold price varies across states and cities in the country due to different set of taxes. Gold rates mentioned in the copy may not match with the prices at jewellery shops.
On the Multi Commodity Exchange (MCX) India, gold was trading lower by 0.33 per cent to Rs 46,603 per 10 gram in a business turnover of 1,469 lots, according to data on MCXIndia website. Analysts attributed the fall in gold prices to trimming of positions by participants.
Silver also tumbled Rs 462 to Rs 59,341 per kg, from Rs 59,803 per kg in the previous trade.
In the international market, gold traded lower at $1,747 per ounce and silver was flat at $22.35 per ounce.
"Gold prices traded weak with spot gold prices at COMEX (New York-based commodity exchange) trading 0.72 per cent lower at $1,747 per ounce on Wednesday.
"Gold prices traded lower amid firm dollar and rally in US bond yields," said HDFC Securities Senior Analyst (Commodities) Tapan Patel.