On Thursday, 24 carat gold price lowered down to Rs 28,890 per 10 grams and was seen lowest in Mumbai at Rs 28,660 per 10 grams.
While 22 carat gold fell to Rs 27,010 per 10 grams and in Mumbai, the prices got revised to Rs 26,550 per 10 grams.
December Gold futures on the Multi Commodity Exchange opened at Rs 28,730 per 10 grams and declined to Rs 28,518 per 10 grams during the initial part of the trade. At 3:55 pm IST, December contract seen trading in the range of Rs 28,615 – Rs 28,619 per 10 grams.
Overseas spot gold was seen trading at US$ 1,698.68 a troy ounce, down from its $1,700-level.
Back to India, the physical demand of gold seems fading away as the buyers waited for the prices to reduce further.