Gold prices slipped by Rs 120 to Rs 22,320 per 10 grams on Thursday, after a two-day rise, on sluggish demand amid a weak global trend.

On the other hand, silver rose further by Rs 550 to Rs 52,700 per kg on increased off-take by industrial units and jewellery fabricators.

Silver coins also remained in demand and advanced by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

Traders said fall in demand at prevailing high levels amid a weak trend overseas mainly led to the decline in gold prices, while silver rose on increased off-take by industrial units.

Gold in global markets, which normally sets a price trend on the domestic front, fell by $3.70 to $1,508.10 an ounce and silver gained 0.23 per cent to $34.80 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity moved down by Rs 120 each to Rs 22,320 and Rs 22,200 per 10 grams.

The yellow metal had gained Rs 205 during the previous two trading sessions.

Sovereigns, however, found some support from retailers and gained Rs 50 to Rs 18,650 per piece of eight grams.

On the other hand, silver ready rose further by Rs 550 to Rs 52,700 per kg, while silver weekly-based delivery lost Rs 255 to Rs 51,920 per kg. The white metal had added Rs 650 on Wednesday.

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