Gold prices slipped modestly, breaking its seven-session winning streak at the bullion market here on emergence of profit-taking by stockists and investors at existing higher levels amid weak global trend.
Elsewhere, silver also turned weak to retreat below Rs 37,000 mark due to renewed selling by speculative traders and also reduced offtake from jewellery makers.
The recent spectacular rally has made investors a bit nervous, triggering some profit-taking at current levels whereas equities remained under intense selling pressure worldwide amid deepening concerns over the health of the global economy, a trader commented.
The yellow-metal had gained Rs 1,445 or 5.44 per cent in seven-day rally.
Standard gold (99.5 purity) dropped by Rs 105 to end at Rs 27,890 per 10 grams from Tuesday’s finish of Rs 27,995.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 28,040 per 10 grams as against Rs 28,145 earlier.
Silver (.999 fineness) slumped by Rs 390 to close at Rs 36,785 compared with Rs 37,175 yesterday.
In worldwide trade, the yellow-metal fellback from an eight-month high amid investors caution ahead of testimony from Fed Chair Janet Yellen before the US congress.
Spot gold was weak at $ 1,183.40 an ounce in early European trading, while silver quoted little changed at $ 15.13. an ounce.