Gold prices declined by Rs 100 to Rs 28,200 per 10 grams at the bullion market today on easing demand from jewellers and retailers at prevailing levels.
Silver also traded lower by Rs 250 to Rs 38,350 per kg on lack of buying support from industrial units and coin makers.
Bullion traders said besides easing demand from jewellers and retailers at prevailing levels, weak global cues mainly led to fall in prices of precious metals.
Gold in New York, which normally determines price trend on the domestic front, fell by 0.35 per cent to USD 1,264.50 an ounce and silver by 0.63 per cent to USD 17.22 an ounce in yesterday’s trade.
In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 28,200 and Rs 28,000 per 10 grams, respectively. It had gained Rs 210 yesterday.
Sovereign, however, moved in a tight range in limited deals and settled at the last level of Rs 24,000 per piece of eight grams.
In line with a general weak trend, silver ready moved down by Rs 250 to Rs 38,350 per kg and weekly-based delivery by Rs 425 to Rs 38,140 per kg.
On the other hand, silver coins traded at previous level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.