Rising cases in Delta virus variants across the globe and a surprise rally by the US Dollar on Tuesday evening are reported as reasons for the dip in Gold rates.
As of Wednesday morning, the average rates quoted by jewellers across India was lower by Rs 13 per gram.
Bullion futures on the MCX also traded in the red by a margin of 0.5 percent as of the time of writing this story.
The dip in Gold rates across India arrives on the back of the Indian Rupee's strength in the last two trading sessions. The Rupee has bounced from levels of 74.99 to Rs 74.59 in two sessions.
Gold rates slipped at the start of the week from announcement by the OPEC on raising production supplies. The next set of cues for Gold rates could be the ECB monetary policy discussion in Frankfurt on Thursday.