Gold prices extended decline for the third consecutive session on March 3. The price of the yellow metal fell by Rs 292 to Rs 45,217 per 10 gram in the Mumbai retail market on sharp appreciation in rupee and a rally in the equity market. The precious metal traded under pressure as US Treasury continued uptrend and increased appetite for risky assets on stimulus hope diminished safe haven appeal.
The bullion prices have dropped by Rs 1,353 or 2.90 percent in the first three days of March in the domestic market.
The rupee has appreciated 1.4 percent to 72.89 from the 2021 low of 73.92 it touched on February 26.
The rate of 10 gram 22-carat gold in Mumbai was Rs 41,419 plus 3 percent GST, while 24-carat 10 gram was Rs 45,217 plus GST. The 18-carat gold quoted at Rs 33,913 plus GST in the retail market.