Gold prices retreated from their record levels on Tuesday, losing Rs. 350 to Rs. 28,190 per 10 grams due to profit-booking by stockiest at existing high prices amid a weak global trend.
The metal had touched an all-time high of Rs. 28,540 per 10 grams on Monday. Silver also tumbled by Rs. 1,300 to Rs. 65,000 per kg on reduced industrial off take.
The trading sentiment turned bearish after gold dropped for the first time in seven days in London, as some investors sold the metal at record prices.
Gold in global markets, which normally sets the price trend on the domestic front, fell by $12.42 to $1,885.18 an ounce in London after touching a record level of $1,913 per ounce on Monday.
The absence of physical buying, due to investors shifting their funds to firming equity markets, also influenced the trading sentiment to some extent.
On the domestic front, gold of 99.9 per cent and 99.5 per cent purity fell by Rs. 350 each to Rs. 28,190 and Rs. 28,040 per 10 grams, respectively. Sovereigns, however, held steady at Rs.22,500 per piece of eight grams on account of restricted buying support.
In line with the general weakening trend, silver ready tumbled by Rs. 1,300 to Rs. 65,000 per kg and weekly-based delivery by Rs. 1,885 to Rs. 64,600 per kg. Silver coins also shed Rs. 1,500 to 72,000 for buying and Rs. 73,000 for selling of 100 pieces
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