International gold prices have also registered a fall, with spot gold lowered down at US$ 1,686.83 a troy ounce.
The physical buying in India seems steady despite ongoing wedding season as the traders said that the buyers are still waiting for a further price correction.
Most of the buyers feel that the gold is overpriced these days and it may correct soon. So, they preferred wait-and-watch approach.
Gold on MCX for December delivery contract continued with falling streak after opening at Rs 28,550 per 10 grams. It fell sharply to Rs 28,426 per 10 grams in early session of the day and was trading at Rs 28,434 – Rs 28,443 per 10 grams at 11:50 am IST.
Similarly, gold for delivery in far-month April opened at Rs 29,118 per 10 grams and was trading in the range of Rs 29,050 – Rs 29,062 per 10 grams same time.
Domestic bullion prices corrected slightly, 24 carat gold stood at Rs 28,860 per 10 grams and 22 carat gold at Rs 26,980 per 10 grams.