Gold futures for delivery in June fell as much as 0.23 per cent on the MCX to touch an intraday low of Rs 47,210. Spot price for fine gold was Rs 46,900 per 10 gram on Monday, according to India Bullion & Jewellers Association (IBJA). Gold with purity of 22 carat was sold at Rs 45,310 per 10 gram, 18 carat gold was retailed at Rs 37,520 per 10 gram and 14 carat gold was sold at Rs 31,119 per 10 gram, IBJA said in a tweet.
In international markets, gold prices retreated from a more than two-month high on Tuesday due to an uptick in the dollar, although weaker-than-expected US economic data stoked concerns over recovery and limited losses for the safe-haven metal.
Spot gold was down 0.2 per cent at $1,788.89 per ounce by 9:34 am, after hitting its highest since February 25 at $1,797.75 on Monday.
US gold futures fell 0.1 per cent to $1,789.40 per ounce.
“The reversal in the dollar is weighing on gold a bit, we’ve seen the dollar strengthen despite the Feds near-term dovish rhetoric,” said DailyFX currency strategist Ilya Spivak.
Meanwhile, silver futures for delivery in May rose marginally to hit an intraday high of Rs 69,898 per kilogram. Silver was retailed at Rs 68,480 per kilogram, according to IBJA.
In the international markets silver was down 0.5 per cent at $26.74 per ounce, after hitting its highest since March 1 on Monday, while platinum rose 0.1 per cent to $1,231.46.