Mumbai: Gold prices resumed sharply lower by Rs215 per 10 grams on the bullion market here on 5 March, on fresh profit-taking due to a fall in New York.
Silver also declined on lack of demand at higher levels.
Profit-taking prompted gold and silver futures to turn lower the previous day, with some of the move linked to the pullback in crude oil.
April gold fell by $17.90 to $966.30 an ounce on the Comex division of the New York Mercantile Exchange.
Comex May silver fell by 34 cents to $19.84.
The metals fell as Nymex April crude oil briefly dipped back below $100 a barrel for the first time since Thursday. As gold was closing, April crude was down $2.14 to $100.31.
Gold futures had closed higher five business days in a row.
In the domestic market, standard gold (99.5 purity) dropped Rs215 per ten grams to Rs12,590 from the last close of Rs12,805; pure gold (99.9 purity) fell to Rs12,640 from Rs 12,855.
Silver ready (.999 fineness) opened lower by Rs425 a kilo to Rs24,225 from Rs24,650.