Gold price on Wednesday fell from Rs 47,075 to Rs 46,845 per 10 gram, while silver slipped from Rs 49,540 to Rs 48,295 per kilogram, according to India Bullion and Jewellers Association (IBJA).

The gold jewellery prices vary across India — the second largest consumer of the metal — due to excise duty, state taxes and making charges.

On MCX, August gold futures fell 0.20 per cent to Rs 46,470 per 10 gram after tumbling Rs 556 in the previous session, the media reports said.

According to website goodreturns.in, the price for 24-carat gold in New Delhi fell to Rs 46,650 from Rs 47,150 per 10 gram. Gold rate in Chennai is Rs 48,780 and Mumbai Rs 46,900.

The price of 22-carat gold is about Rs 45,450 in New Delhi per 10 gram while in Chennai, the price is at Rs 44,680. In Mumbai, it is Rs 45,900.

On Wednesday, the website had recorded the 24-carat gold price at Rs 46,900, a down of Rs 50 from previous day.

The lowest record of gold rate past month stood at Rs 45,300 on May 12, and highest price touched Rs 47,600 on May 20.

Meanwhile, the rates of silver kept on increasing per kilogram. According to goodreturns.in, the price of silver today was recorded Rs 48,900 per kilogram across the country.

Last week, the price of silver jumped by 3.33 per cent in Mumbai's spot Zaveri Bazaar to hit the highest in six-and-a-half years as investors booked the white precious metal as an alternative to gold.

Globally, the gold-silver ratio hit a historical high of 117 last week. Silver offers a good opportunity to earn high returns.

On Wednesday, the yellow metal fell more than 2 per cent as risk sentiment improved on hopes of a recovery from a coronavirus-driven economic slump, with investors largely overlooking civil unrest in the US and its friction with China.

Spot gold slid 1.9 per cent to $1,693.83 per ounce, having earlier hit a near one-month low of $1,688.89. US gold futures fell 2.2 per cent to $1,696.40.

"There is a strong risk-on sentiment right now... US equity markets are breaking out," Phil Streible, chief market strategist at Blue Line Futures in Chicago, told the Reuters.