Analysts attributed the fall in gold prices to the trimming of positions by participants. Domestic spot gold opened at ₹61,079 per 10 grams on Tuesday, and silver at ₹72,015 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Globally, gold was trading 0.50 per cent lower at USD 2,012.50 per ounce in New York. Spot gold was down 0.5 per cent at $2,009.89 per ounce, while US gold futures fell 0.4 per cent to $2,014.20.
Gold prices on May 16 fell by ₹220 to ₹60,807 per 10 grams in futures trade as speculators reduced their positions. On the Multi Commodity Exchange, gold contracts for June delivery traded lower by ₹220 or 0.36 per cent at ₹60,807 per 10 gram in a business turnover of 12,441 lots.