Snapping a 10-day rally, gold today declined from record high levels due to profit-selling by stockists at prevailing higher levels amid a weak trend in overseas markets.
Gold fell by Rs. 30 to Rs. 29,660 per 10 grams and silver declined further by Rs. 200 to Rs. 56,600 per kg due to reduced offtake by industrial units and coin makers.
The trading sentiment in gold turned bearish as it declined in London on speculation that economic growth will reduce the need for the Federal Reserve to add more stimulus measures.
In London, gold slipped by 0.5 per cent to USD 1,653.93 an ounce.
In addition, fall in demand at prevailing higher levels and ending of marriage season, further fuelled the downtrend in precious metals.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs. 30 each to Rs. 29,660 and Rs. 29,520 per 10 grams, respectively. The metal had climbed to an all-time high of Rs. 29,690 yesterday.
Sovereigns remained steady at Rs. 23,750 per piece of eight grams in limited deals.
Silver ready fell further by Rs. 200 to Rs. 56,600 per kg, while weekly-based delivery spurted by Rs. 1185 to Rs. 57,085 per kg on speculative buying.
On the other hand, silver coin held steady at Rs. 66,000 for buying and Rs. 67,000 for selling of 100 pieces.