Gold prices succumbed to profit taking at the bullion market here today on fresh offerings by stockists and speculators on the back of weakening trend in overseas markets.
Silver, also dropped due to lack of demand from industrial users.
Standard gold (99.5 purity) declined by Rs 100 per 10 grams to end at Rs 18,265 from overnights closing level of Rs 18,365.
Pure gold (99.9 purity) also fell by a similar margin of Rs 100 per 10 grams to finish at Rs 18,350 as against Rs 18,450 previously.
Silver ready (.999 fineness) tumbled by Rs 215 per kilo to close at Rs 29,215 from Rs 29,430.
In New York, gold for August delivery down by $2.80 to $1,196.10 an ounce on the Comex division of the NYMEX.
Silver for September delivery lost by 13 cents to $17.87 an ounce.