Here are five things to know about gold prices today:
1. Domestic gold prices: Gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 240 each to Rs 31,780 and Rs 31,630 per 10 grams in Delhi respectively, Press Trust of India reported. Gold prices had come down by Rs 430 to Rs 32,020 per 10 grams at the bullion market the previous day.
(Also read: Revamped SBI gold deposit scheme)
2. Domestic silver prices: On the other hand, silver ready recovered by Rs 100 to Rs 40,750 per kg. Mild gains for silver came amid scattered enquiries from industrial units and coin makers.
(Also read: Should you invest in gold?)
4. Dollar has been rising against a basket of currencies, including the rupee. Trading in the range of 67.78-67.59 against the US dollar on Thursday, the rupee is down around 6 per cent so far this year against the greenback.
5. Weakness in the rupee against the US currency makes import of gold more expensive. Gold is the second-biggest import item for India after oil. India is the world's second largest consumer of gold.