Gold & silver prices retreat from record levels as demand wanes

New Delhi: Gold and silver prices retreated from record levels in the national capital on Thursday due to tepid demand from jewellers, according to the All India Sarafa Association.

Taking a breather, gold prices of 99.9 per cent purity declined by Rs 300 to Rs 81,200 per 10 grams from the record high level of Rs 81,500 per 10 grams. Silver prices also plunged by Rs 1,000 to Rs 1.01 lakh per kg, snapping the six-day winning streak on Thursday due to reduced offtake by industrial units and coin makers.

The yellow metal of 99.5 per cent purity fell by Rs 300 to Rs 80,800 per 10 grams against the previous close of Rs 81,100 per 10 grams on Wednesday.

Poor demand from jewellers in the local market dragged the prices of the precious metal while firm global trends restricted losses, traders said.

In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery appreciated Rs 549 or 0.71 per cent to trade at Rs 78,361 per 10 grams.

The yellow metal had hit a fresh peak of Rs 78,919 per 10 grams on Wednesday.

Silver contracts for December delivery bounced Rs 1,465 or 1.51 per cent to trade at Rs 98,425 per kg on the MCX.

In the international markets, Comex gold futures rose 0.73 per cent to $2,749.30 per ounce.

Comex silver futures quoted 1.72 per cent higher to $34.42 per ounce in the Asian market hours.