Gold prices slipped from eight-month high by losing Rs 165 to Rs 31,360 per ten grams in the national capital on Monday on sluggish demand at prevailing higher levels amid a weak global trend.
Silver also declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.
Traders said sluggish demand at prevailing higher levels and a weak global trend on speculation that some investors may sell the metal after prices rallied on increased physical demand mainly led to decline in gold and silver prices.
Gold in London, which normally set price trend on the domestic front, lost 0.1 per cent to 1,375.41 dollar an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 165 each to Rs 31,360 and Rs 31,160 per ten grams, respectively.
It had gained Rs 1,825 in the precious two sessions.
Sovereign, however, found some local buying and rose by Rs 100 to Rs 25,000 per piece of eight gram.
In line with a general weak trend, silver ready declined by Rs 75 to Rs 50,610 per kg and weekly-based delivery by Rs 45 to Rs 50,490 per kg, respectively.
The metal had surged Rs 9,275 in last eight sessions.
Meanwhile, silver coins climbed by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.