CHENNAI: Gold prices continue to see a dip since Finance Minister Nirmala Sitharaman announced a cut in import duty on gold and silver to 6 per cent. The move was welcomed by sellers as it is expected to make the precious metals cheaper in India.

The yellow metal is being sold at Rs 51,320 per sovereign in Chennai today, marking a price drop of Rs 120 from yesterday's rate of Rs 51,440.

Gold per sovereign was sold at Rs 51,440 on Thursday and Rs 51,920 on Wednesday. On the day of the Budget (Tuesday), it was priced at Rs 52,400 per sovereign.

The price per gram of gold saw a dip of Rs 15 today. Yesterday, 1 gram of gold was sold at Rs 6,825. It has decreased to Rs 6,415 today.

On the other hand, the price of silver remains unchanged from yesterday. The per kilogram price is at Rs 89,000 while the per gram price is at Rs 89, approximately.