Moreover, the 10-gram gold price decreased by Rs5,315 and stood at Rs207,476.

International gold prices declined for the third consecutive day on Thursday following the release of minutes from the latest Federal Reserve meeting suggested that some central bank officials were inclined to increase interest rates, Reuters reported.

Spot gold dropped 0.9% to $2,357.16 per ounce as of 0746 GMT. The precious metal had reached an all-time high of $2,449.89 on Monday, but has since fallen around 4%.

US gold futures were trading 1.4% lower at $2,359.50.

The prospect of higher interest rates, which can make non-yielding assets like gold less attractive compared to interest-bearing investments, appears to have weighed on gold prices over the past three trading sessions.