Gold prices slipped from nearly four-month high by losing Rs 475 to Rs 28,725 per ten grams in the national capital on Thursday on profit-selling by stockists at prevailing higher levels amid a weak global trend.
Silver also dropped by Rs 640 to Rs 41,620 per kg on lack of buying support from industrial units and coin makers.
Traders said profit-selling by stockists at prevailing higher levels amid a weak global trend mainly pulled down both gold and silver prices.
Gold in New York, which normally set price trend on the domestic front, declined by USD 3.50 to USD 1323.20 an ounce and silver by 0.41 per cent to USD 19,81 an ounce.
Besides, retailers refrained from purchasing the precious metals at prevailing higher levels, that further dampened the sentiment.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 475 each to Rs 28,725 and Rs 28,525 per ten grams, respectively. It had climbed to nearly four month high at Rs 29,200 on Wednesday.
Sovereign remained steady at Rs 24,400 per piece of eight gram in limited deals.
In line with a general weak trend, silver ready plunged by Rs 640 to Rs 41,620 per kg and weekly-based delivery by Rs 680 to Rs 41,480 per kg, respectively. The white metal had gained Rs 915 in the previous session.
Silver coins also tumbled by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.