According to the All India Sarafa Association, the price of gold in the national capital on Thursday fell by Rs 250 to Rs 74,350 per 10 grams, while the price of silver rose to Rs 87,000. On Wednesday, the precious metal or pure gold (99.9 percent purity) closed at Rs 74,600 per 10 grams. On Thursday, the price of silver rose by Rs 2,000 to a two-week high of Rs 87,000 per kg. In the previous session, silver closed at Rs 85,000 per kg. Silver has risen by Rs 3,200 per kg in the last three sessions.

Meanwhile, gold of 99.5 percent purity also fell by Rs 250 to Rs 74,000 per 10 grams, while in the previous trading session it closed at Rs 74,250 per 10 grams. Traders said silver continued to rise for the third consecutive session due to strong industrial demand, which led to a jump in the prices of the metal. 

In the international markets, Comex gold was trading 0.21 per cent higher at $2,547.70 an ounce. Kaynat Chainwala, VP-Commodity Research at Kotak Securities said, "Comex gold hit a weekly high of $2,558 an ounce but declined after the release of the inflation report, as market sentiment adjusted to the possibility of a modest interest rate cut by the US Federal Reserve." 

In global markets, silver was also quoted at $29.16 an ounce. Praveen Singh, Associate VP, Fundamental Currencies & Commodities, Sharekhan by BNP Paribas, said, "Traders will closely monitor US data macroeconomic data such as the producer price index (August) and unemployment claims." Also, this data could impact expectations about the trajectory of US interest rates, which in turn will impact bullion prices and the US dollar (USD).