Gold prices fell by ₹70 to ₹32,180 per 10 gram at the bullion market on October 16 owing to slackened demand from local jewellers amid a weak trend overseas.
Silver followed suit and eased by ₹50 to ₹39,700 per kg, hit by lower demand from industrial units and coin makers.
Traders attributed the fall to easing demand from local jewellers and retailers following a weak trend overseas.
Globally, gold fell by 0.07% to $1,226.90 an ounce and silver by 0.20% to $14.73 an ounce in Singapore.
Diversion of funds towards rising equity markets also dampened the sentiment, traders said.
In the national capital, gold of 99.9% fell by ₹70 to ₹32,180 per 10 gram, while 99.5% purity lost ₹80 to ₹32,020 per 10 gram. The precious metal had gained ₹200 on Monday.
Sovereign gold, however, remained steady at ₹24,700 per piece of 8 gram.
Silver ready slipped by ₹50 to ₹39,700 per kg, while weekly-based delivery’s decline was steeper, which fell by ₹160 to ₹39,100 per kg.
Silver coins, however, continued to be traded at the previous level of ₹75,000 for buying and ₹76,000 for selling of 100 pieces.
