NEW DELHI: Gold prices on Monday dropped by ₹200 to ₹32,620 per 10 gram, extending the falling streak for the fourth day, due to lacklustre domestic demand and weak global trends, according to the All India Sarafa Association. Silver also declined by ₹80 to ₹38,100 per kg on decreased offtake by industrial units and coin makers.
Traders said gains in equity market reduced gold's safe-haven appeal. Sluggish demand from local jewellers and weak overseas cues also weighed on the precious metal.
Spot gold was trading lower at $1,287.10 an ounce, while silver was down at $15.01 an ounce in New York.
On Saturday, the yellow metal had fallen by ₹30 to ₹32,820 per 10 gram.
In the last three trading sessions, gold prices have declined by ₹250.
In the national capital, gold of 99.9% and 99.5% purities fell by ₹200 each to ₹32,620 and ₹32,450 per 10 gram, respectively.
However, sovereign gold held steady at ₹26,400 per piece of eight gram.
Silver ready slumped by ₹80 to ₹38,100 per kg, while weekly-based delivery fell ₹232 to ₹36,988 per kg.
On the other hand, silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.