Gold prices declines for fifth day on sluggish demand

However, silver recovered by Rs 500 to Rs 58,500 per kg on industrial units and coin makers buying at prevailing lower levels. The metal had lost Rs 1,750 in last four days.

With the five days of losses, including today, gold dropped by Rs 405 as stockists remained net sellers against falling demand.

Gold of 99.9 and 99.5 per cent purity remained weak and shed Rs 20 each at Rs 30,980 and Rs 30,780 per ten grams respectively. Sovereign fell by Rs 100 to Rs 25,300 per piece of eight gram.

On the other hand, silver ready recovered by Rs 500 to Rs 58,500 per kg and weekly-based delivery by Rs 490 to Rs 8,215 per kg.