Gold prices declined to nearly one-month low at the domestic bullion market on Wednesday on sustained profit—taking from stockists as well as subdued offtake traders on the back bearish global sentiment.
Silver also fell further on heavy speculative selling amid lower industrial buying.
`Expectation of further fall in the yellow metal is slowing the demand, despite the peak wedding season’, dealers said.
Standard gold (99.5 purity) slid by Rs 120 per 10 grams to close at Rs 31,090 from Tuesday’s closing level of Rs 31,210.
Pure gold (99.9 purity) also dipped by Rs 115 per 10 grams to finish at Rs 31,230 as compared to Rs 31,345.
Silver ready (.999 fineness) dropped by Rs 430 per kg to conclude at Rs 62,450 from Rs 62,880 previously.
In New York, gold slumped on investors selling amid technical pressure following short—selling in Asia.
Gold for February delivery plunged $25.30 to $1,695.80 an ounce on the Comex division of the NYMEX late yesterday.
Silver for March contract went down 95 cents to $32.81 an ounce.