Gold declined by Rs 60 to Rs 18,365 per ten grams in the national capital today, on reduced offtake and weak trend in global markets.
Silver also dropped by Rs 225 to Rs 29,250 per kg on reduced offtake by industrial units.
Market analysts said fresh selling by stockists in tandem with a weak trend in global markets led to the fall in gold and silver prices.
Gold in global markets, which normally sets a price trend in the domestic front, fell by $3.40 to $1,197.80 an ounce. Weak seasonal demand due to off marriage and festival season also influenced the trading sentiment, they said.
Gold of 99.99 and 99.5 per cent purity fell by Rs 60 each to Rs 18,365 and Rs 18,265 per ten grams respectively.This was in contrast to their gain of Rs 180 in the previous two trading sessions.
However, silver continued to trade around previous level of Rs 14,700 per piece of eight gram. Silver ready, in agreement with general weakening trend, fell by Rs 225 to Rs 29,250 per kg and weekly-based delivery by Rs 195 to Rs 29,000 per kg.
Silver coins also lost Rs 100 to Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.