Gold had rallied strongly to touch a record high of ₹48,982 per 10 gram earlier this week but could not sustain the gains. In New Delhi, the retail price of 22-carat gold is at Rs 47,150 per 10 gram, while in Chennai it is Rs 46,540. In Mumbai, the rate is Rs 46,330. The price of 24-carat gold in Chennai is Rs 50,940, according to the personal finance portal Goodreturns.in.
Meanwhile, the bullion rates globally edged lower after better-than-expected US jobs data increased investors' risk appetite. Spot gold fell 0.1 per cent to $1,773.13 per ounce while US gold futures shed 0.3 per cent to $1,785.60.
US Data released on Thursday showed the economy generated 4.8 million jobs in June as businesses began to reopen as the unemployment rate fell more than two points to 11.1 per cent,
However, the losses were plugged as investors remained jittery about coronavirus cases and the trade dispute between the US and China. Earlier this week, on Wednesday, gold prices touched a nearly eight-year high of $1,788.96, according to business daily Mint.
Investors remain attracted to Gold ETFs while the holdings of SPDR Gold Trust, the world's biggest gold-backed ETF, rose 0.8 per cent to 1,191.47 tonne on Thursday.
Among other precious metals, platinum rose 0.1 per cent to $803.91 while silver was steady at $17.90.
Analysts opined that rising cases of coronavirus cases across the world and expectations of more stimulus led to the demand for gold. Gold is used as a safe investment during times of political and financial uncertainty. Experts have said that the impact of the coronavirus crisis and the central bank’s policy easing measures may support the gold’s haven appeal. However, lifting lockdown restrictions and the rally in the equity market may hinder major rallies in the counter.