Gold prices on Tuesday slumped by ₹235 to ₹32,980 per 10 gram in the national capital due to lacklustre demand from jewellers, according to the All India Sarafa Association. Silver too fell by ₹660 to ₹38,010 per kg on low offtake by industrial units and coin makers.
Traders said, reduced demand from local jewellers as well as retail buyers led to the slide in gold prices.
In the international market, spot gold was trading at $1,299.30 an ounce while silver was at $15.31 an ounce in New York.
On Monday, the yellow metal rose by ₹425.
In the national capital, gold of 99.9% and 99.5% purity declined by ₹235 each to ₹32,980 and ₹32,810 per 10 gram, respectively.
However, sovereign gold held steady at ₹26,400 per piece of eight gram.
Silver ready witnessed a fall of ₹660 to ₹38,010 per kg, while weekly-based delivery gained ₹77 to ₹37,830 per kg.
Silver coins, too, faced pressure and fell by ₹1,000 to ₹79,000 for buying and ₹80,000 for selling of 100 pieces.