Gold fell by Rs 160 to Rs 14,870 per ten grams in the national capital today on emergence of selling by stockists influenced by a weakening global trend.
A similar melting trend was noticed in silver which became cheaper by Rs 325 to Rs 21,500 per kg.
Selling pressure gathered momentum on reports that gold fell for a second day in Asia, dropping below $900 an ounce as a rally in the dollar curbed investors' demand for the metal as an alternative investment.
Fresh selling by stockists, in tandem with a weakening global trend, mainly caused the fall in gold prices, marketmen said, adding a fall in demand at existing higher levels also led the downtrend.
The precious metal in the Asian region lost 1.6 per cent to $891.95 an ounce and silver dropped 1.6 per cent to $12.71 an ounce.
Standard gold and ornaments fell by Rs 160 each to Rs 14,870 and Rs 14,720 per ten grams, respectively, and sovereign lost Rs 50 to Rs 12,400 per piece of eight gram.
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A similar weakening trend was extended to silver, as its ready variety slipped by Rs 325 to Rs 21,500 per kg and weekly-based delivery traded lower by the same margin at Rs 21,200 per kg.
However, silver coins held steady at Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces.