Gold price on Wednesday slumped Rs 425 to Rs 37,945 per 10 gram in the national capital due to lacklustre demand from jewellers despite the precious metal gaining overseas, according to the All India Sarafa Association.
Silver also declined Rs 690 to Rs 44,310 per kilogram on reduced offtake by industrial units and coin makers.
Easing demand from jewellers in the domestic spot market led to the dip in price of the precious metal, traders said. However positive trend overseas capped the fall, they added.
Globally, gold was trading higher at USD 1,509.09 an ounce in New York, while silver was trading up at USD 17.22 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 425 each to Rs 37,945 and Rs 37,775 per 10 gram, respectively.
Sovereign gold also dropped Rs 100 to Rs 28,700 per eight gram.
Silver ready plunged Rs 690 to Rs 44,310 per kilogram, while weekly-based delivery price plummeted by Rs 1,050 at Rs 43,230 per kg.
Silver coins traded lower by Rs 1,000 at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.