Gold declines Rs 500; silver falls Rs 1000

new delhi: Falling for the second straight session, gold prices depreciated Rs 500 to Rs 98,870 per 10 grams in the national capital on Wednesday due to continuous selling by stockists, according to the All India Sarafa Association.

On Tuesday, the precious metal of 99.9 per cent purity had declined by Rs 200 to close at Rs 99,370 per 10 grams.

Meanwhile, gold of 99.5 per cent purity slipped Rs 400 to Rs 98,400 per 10 grams (inclusive of all taxes). It had settled at Rs 98,800 per 10 grams in the previous market session.

Also, silver prices declined by Rs 1,000 to Rs 1,11,000 per kilogram (inclusive of all taxes) on Wednesday. The white metal had finished at Rs 1,12,000 per kg on Tuesday.

In contrast, spot gold rose by USD 16.41 or 0.49 per cent to USD 3,341.37 per ounce in the global markets.

On the global front, spot silver went up nearly 1 per cent to trade at USD 38.05 per ounce.