Likewise standard gold, which had hit 25 years high last week, also declined by Rs 170 to close at Rs 9280 per 10 grams in the Delhi bullion, with traders attributing the downtrend to stockists diluting their position.
This is the second consecutive day when the yellow metal came under selling pressure which analysts attributed to downward changes in the international crude prices.
Standard gold and ornaments dropped by Rs 170 each at Rs 9280 and Rs 9130 per ten gram respectively. Sovereign was down by Rs.50 at Rs 7350 per piece of eight gram.
Gold in overseas markets fell $13.35 to $620.63 an ounce late last evening. Prices reached a 25-year high of $645.85 on April 20. On the New York Mercantile
Exchange, gold for June delivery fell $11.60 at $623.90 an ounce. Weakening bullion markets also depicted a further fall in silver prices as it lost $1.27 at $11.81 an ounce. It had crossed $14 level last week.
The impact in Delhi market was notable as silver ready plunged by Rs 2000 at Rs.18,500 per kilo while weekly-based delivery lost Rs 30 at Rs 20,380. Silver coins lost Rs.100 at Rs 22,900 for buying and Rs 23,000 for selling of 100 pieces.
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