The yellow price in India saw a significant drop on Tuesday, mirroring its overseas peers. The October gold contracts fell 0.22 percent to rupees 47,480 for 10 grams on August 24 on the Multi-Commodity Exchange (MCX).
Silver also saw a huge slash on Tuesday, the precious metal future was down by 22 percent to rupees 62,788 on August 24.
In Chennai, the gold retails at rupees 44,620 per 10 gram of 22-carat.
In Mumbai, gold rates for 22-carat is rupees 46,270 per 10 grams.
Gold price of 22-carat in the national capital is rupees 46,410 per 10 gram and in Kolkata is rupees 46,710 per 10 gram for 22-carat.
In the international market, the yellow metal prices remained above USD 1,800. Spot gold mitigate by 0.2 percent to USD 1,801 per ounce, the US gold futures were down by 0.1 percent at USD 1,804.