Bullion traders said muted demand in the domestic market led to the fall in prices of the yellow metal.
Gold prices fell by 110 to 33,060 per 10 grams on Wednesday, registering its second day of decline amid muted domestic demand, according to the All India Sarafa Association.
Conversely, Silver gained 20 to 39,120 per kg following increased demand from industrial units and coin makers.
Bullion traders said muted demand in the domestic market led to the fall in prices of the yellow metal.
Tapan Patel, senior research analyst (commodities) at HDFC Securities, said global bullion prices traded steady on Wednesday after witnessing a marginal correction on March 26.
Gold traded at $1,315.61 an ounce in the international market, and Silver was at $15.42 an ounce in New York.
“The weak U.S. data on Tuesday also limited downside in gold prices. The U.S. 10-year bond yield declined to 2.41%, down from 2.44% on Tuesday morning. The gold holdings at SPDR ETF rose to 784.26 tonnes from the previous 781 tonnes, signaling safe-haven demand,” said Mr. Patel.
In the national capital, gold of 99.9% and 99.5% purities fell by 110 each to 33,060 and 32,890 per 10 grams, respectively.
Gold had shed 50 to 33,170 per 10 grams on March 26.
Sovereign gold, however, remained unaltered at 26,400 per piece of eight grams.
The price of Silver ready gained 20 to 39,120 per kg, while weekly-based delivery fell by 82 to 38,283 per kg.
Silver coins remained unchanged at 80,000 for buying and 81,000 for selling 100 pieces.
