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The price of 22-karat gold on Monday slipped from 47,350 rupees on Friday to 46,220 rupees for 10 grams, and according to the Good Returns website, silver was refueled to 67,600 rupees per kg.
The price of gold jewelry varies across India, the second largest consumer of the metal, due to consumption taxes, government taxes and changes.
In New Delhi the price of 22 carat gold dropped to 46,140 rupees per 10 grams, in Chennai it dropped to Rs 44,290. The Mumbai price tag is Rs 46,220 according to the website.
The price of 24-karat gold fell on Monday from 48,350 rupees in the trading session on Friday to 47,220 rupees per 10 grams.
Gold buying in India rose towards the end of last week after a drop in local prices, although traders warned that demand is unlikely to return to normal levels anytime soon, according to a Reuters report. Jewelry stores have opened in most parts of the country, but they are experiencing lower footfall.
Silver saw a massive drop from Rs 2,700 to Rs 67,600 on Monday from Rs 70,300 per kilogram on Friday.
The Indian rupee fell 15 paises to 74.23 against the US dollar on June 18, Friday, as the US dollar expanded gains a day after the US Federal Reserve surprised markets with its restrictive statement on investor sentiment .
In the global market, gold struggled to stay on the ground in troubled trading on Friday en route to its worst week in over a year as the dollar extended its rally on the restrictive outlook from the US Federal Reserve.
Spot gold fell 0.1% to $ 1,770.96 an ounce by 1:51 p.m. EDT (1751 GMT), halting an initial upward trend on some bargain purchases. Prices fell 5.7% for the week after falling more than 2% on Thursday.
US gold futures fell 0.3% to $ 1,769 an ounce.
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