Gold declines from record levels on lack of buying

Both the precious metals, silver and gold, declined from their record highs in the national capital today on reduced offtake by retailers and other major consumers.

While gold fell by Rs 40 to Rs 19,400 per ten gram, silver fell by Rs 150 to Rs 32,650 per kg as retail customers and stockists reduced offtake, adopting wait and watch approach.

Marketmen said the gold's record highs have forced retail customers to refrain from buying, despite the festival season.
    
They said customers were selling old jewellery at higher levels, and waiting to buy fresh stock hoping that prices would fall sometime soon.
   
Meanwhile, a fall in demand by industrial units and coins manufacturers dampened the prices of Silver.
    
The gold of 99.9 and 99.5 per cent purity fell by Rs 40 each at Rs 19,400 and Rs 19,300 per ten gram respectively. Sovereign held at Rs 15,200 per piece of eight gram.
    
Silver ready declined by Rs 150 to Rs 32,650 per kg, while the weekly delivery fell by Rs 160 to Rs 32,275 per kg. Silver coins lost Rs 100 at Rs 35,100 for 100 pieces for buying, and Rs 35,200 for selling.