New Delhi: Gold prices declined by Rs 500 to hit a two-week low of Rs 87,700 per 10 grams in the national capital on Friday due to reduced off-take from jewellery traders and investor selling, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity or pure gold had concluded at Rs 88,200 per 10 grams in the previous trading session.
Extending the loss for the third straight day, silver prices also tanked by Rs 2,100 to hit a two-week low of Rs 96,400 per kg. The white metal had finished at Rs 98,500 per kg in the previous market close.
Meanwhile, in futures trade on the MCX, gold contracts for April delivery plunged by Rs 484 to Rs 84,712 per 10 grams.
On the global front, Comex gold futures fell $21.20 per ounce or 0.73 per cent to $2,874.70 per ounce. Also, spot gold went lower by $15 per ounce to $2,862.53 per ounce.
Comex silver futures in the Asian market hours traded 1.21 per cent lower at $31.72 per ounce.