Gold prices fell by Rs 293 to Rs 49,072 per 10 gram in the national capital on Thursday amid rupee appreciation, according to HDFC Securities. The precious metal had closed at Rs 49,365 per 10 gram in the previous trade.
The rupee erased its initial losses and settled 7 paise higher at 75.65 (provisional) against the US dollar on Thursday.
Silver also plunged Rs 598 to Rs 48,705 per kg from Rs 49,303 per kg in the previous trade.
In the international market, gold was quoting with gains at USD 1,767 per ounce, while silver was trading at USD 17.58 per ounce.
"The rising virus cases and worries over economic recovery has led gold prices to the highest levels since 2012," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.