Gold declines for third-day on subdued demand

Gold had lost Rs 245 in last two sessions and silver by Rs 280.

Silver followed suit and lost Rs 395 to Rs 58,305 per kg, due to less buying by industrial units.

Traders said sustained selling by stockists on sluggish demand at prevailing higher levels amid a weak global trend mainly kept pressure on both gold and silver prices.

Gold in global markets, which normally set price trend on the domestic front, declined by USD 1.60 to USD 1,666 an ounce and silver by 0.41 per cent to USD 31.71 an ounce in London.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 50 each to Rs 30,750 and Rs 30,550 per ten grams respectively, while sovereign remained steady at Rs 25,300 per piece of eight gram in scattered deals.

In a similar fashion, silver ready declined by Rs 395 to Rs 58,305 per kg and weekly-based delivery by Rs 20 to Rs 58,400 per kg. Silver coins also dropped by Rs 1000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.