Mumbai: Gold prices retreated from their record highs at the bullion market here on Saturday due to fresh sell-off from stockists and speculators at higher levels amid lower New York advices.
The yellow-metal made its fresh record high on Friday in domestic as well as in international markets as investors preferred to take shelter under this safe heaven asset, on lingering concerns over eurozone debt woes.
Silver also declined on reduced demand from industrial users.
Investors and speculators, who preferred to take out some profits at higher levels ahead of the weekend, led to the fall in prices, traders said.
Standard gold (99.5 purity) slumped by Rs110 per ten grams to close at Rs18,215 from Friday’s close of Rs18,325.
Pure gold (99.9 purity) also dipped by a similar margin to end at Rs18,305 per ten grams from Rs18,415 on Friday.
Silver ready (.999 fineness) dropped by Rs250 per kilo to finish at Rs29,870 as against Rs30,120.
In New York, gold for June delivery declined by $1.40 an ounce to $1,227.80 on the Comex division of NYMEX.
Silver for July delivery lost 27 cents to $19.22 an ounce.