Gold prices declined from record high to Rs 31,610 in the bullion market here on Monday due to fall in demand at prevailing higher levels.
While gold lost Rs 115 to Rs 31,610 per 10 grams, silver shed Rs 500 to Rs 59,000 per kg.
The yellow metal had climbed to all-time high of Rs 31,725 on Saturday.
Marketmen said fall in demand due to high prices led to the decline in gold prices, while silver saw reduced offtake from industrial units and coin makers who postponed purchase on expectation of correction in price.
Gold of 99.9 and 99.5 per cent purity declined by Rs 115 each to Rs 31,610 and Rs 31,410 per 10 grams.
Silver ready fell by Rs 500 to Rs 59,000 per kg, while weekly-based delivery spurted by Rs 1,785 to Rs 60,800 per kg as recent upsurge forced speculators to cover pending short positions created in last few sessions.
Silver coins, however, lacked necessary buying support and lost Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.