New Delhi: Gold prices declined by Rs160 to Rs28,200 per 10 grams in Delhi bullion market on Thursday on emergence of selling by stockists amid a weak global trend. Silver also dropped by Rs400 to Rs45,000 per kg on reduced offtake by industrial units and coin makers.

Traders said selling by stockists amid a weak global trend as a rally in equities dampened demand for an alternative investment amid concern that physical consumption is faltering mainly influenced the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7% to $1,294.98 an ounce, the lowest since 16 July and silver by 0.6% to $20.79 an ounce.

Besides, sluggish domestic demand from jewellers at prevailing levels dampened the sentiment.

In Delhi, gold of 99.9 and 99.5% purity fell by Rs160 each to Rs28,200 and Rs28,000 per 10 grams, respectively. It had gained Rs160 on Wednesday. Sovereign, however, held steady at Rs24,900 per piece of eight grams.

In a similar fashion, silver ready declined by 00 to 5,000 per kg and weekly-based delivery by 60 to 4,635 per kg. It had gained 00 in the previous session. On the other hand, silver coins ruled steady at 0,000 for buying and 81,000 for selling of 100 pieces.

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