The price of 24-carat gold dipped Rs 280 during Thursday's early trade, with ten grams of the precious metal selling at Rs 59,450, according to the GoodReturns website. The price of silver fell sharply by Rs 600 to Rs 74,200 per kilogram.
The price of 22-carat gold fell Rs 250 to Rs 54,500.
The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 59,450.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,600, Rs 59,450, and Rs 59,780, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 54,500.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,650, Rs 54,500, and Rs 54,800, respectively.
US gold edged up on Thursday but hovered near a more than six-month low hit in the last session, as the dollar and Treasury yields held at elevated levels, with markets awaiting US economic data for clues on the Federal Reserve's interest rate path.
Spot gold was up 0.1 per cent to $1,876.89 per ounce by 0040 GMT, after shedding 1.4 per cent, its biggest daily decline in two months, on Wednesday. US gold futures rose 0.17 per cent to $1,894.20.
Spot silver firmed 0.2 per cent to $22.56 per ounce, platinum gained 0.3 per cent to $890.01 and palladium rose 0.3 per cent to $1,225.01.
One kg of silver is currently trading at 74,200 in Delhi and Mumbai.
One kg of silver in Chennai is currently trading at Rs 77,000.
(With inputs from Reuters)