Before the festival of Akshaya Tritiya which is going to be observed on 14 May, the price of Gold at the Multi Commodity Exchange MCX has dipped.
On Akshaya Tritiya, Hindu devotees purchase gold items as it is considered to be auspicious.
Commodity experts have said that this dip in the gold prices is a good opportunity for buyers to purchase the precious yellow metal.
The Gold June futures are down by 0.34 percent at the MCX and are at Rs 47,472 at 2:30 pm on 13 May.
In several major Indian cities, the price of gold has decreased on Thursday, 13 May.
The price of 22-carat gold in Delhi is Rs 45,900 while 24-carat gold costs Rs 49,900 for 10 grams.
The price of gold in Mumbai is less as compared to Delhi. Ten grams of 22-carat gold can be purchased in the city for Rs 44,720. To buy the same quantity of 24-carat gold, investors have to spend Rs 45,720.
In Kolkata, ten grams of 22-carat gold can be purchased for Rs 45,800 and 24-carat gold can be bought for Rs 49,560.
In Chennai, ten grams of 22-carat gold costs Rs 45,000. The same quantity of 24-carat gold is available for purchase in the city for Rs 49,090.
Internationally, the gold spot price was at $1,814.80 after a decrease of $0.60 or 0.03 percent at 2:28 pm.
In Delhi, Mumbai and Kolkata, silver is priced at Rs 71,130 per kilogram.
However, in Chennai, one kg of the precious metal costs Rs 76,000.