Domestically, gold has declined to a level of Rs 32,000 which retail jewellers are quoting, thanks to a sharp appreciation in the rupee. The rupee has rallied from 55 levels a few weeks ago, to the current levels of Rs 53.45 on Friday, which has resulted in the gold prices at the retail level dropping by Rs 200.
Indian gold track international prices and any gains in the rupee helps the imported landed cost to get cheaper.
Along with the appreciation in the rupee, gold prices too are declining internationally. On Saturday gold for October Delivery on the MCX declined by Rs 45 and was trading at Rs 31,509.
However, analysts continue to remain bullish on gold and suggest buying the commodity on every decline.