New Delhi: Gold declined by Rs 50 to Rs 31,500 per 10 grams in the bullion market here Wednesday, while silver shed Rs 250 to Rs 59,400 per kg on negligible buying at existing high levels.
Traders said restricted buying due to high prices led to the decline in gold prices. Silver also fell on reduced offtake by industrial units and coin makers.
Erratic movements in overseas markets on lack of support following a devastating storm in New York also influenced the trading sentiment, they added.
In New York, gold fell by 0.05 percent to USD 1,709 an ounce after trading volumes dropped as Superstorm Sandy hit the US east coast.
The aggregate volume traded in the US Comex futures fell to 57,849 contracts, less than half of the number before the storm, they added.
Back home, gold of 99.9 and 99.5 percent purity fell by Rs 50 each to Rs 31,500 and Rs 31,300 per 10 gram, respectively.
Sovereign held steady at Rs 25,450 per piece of eight grams.
Silver ready, which lost Rs 350 in the previous session, fell by Rs 250 to Rs 59,400 per kg, while weekly-based delivery gained Rs 90 to Rs 59,590 per kg on speculative support.
However, silver coins remained unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in thin trade.