Gold prices fell by ₹700 to ₹1.46 lakh per 10 grams in the national capital on Tuesday, and silver slumped by Rs 8,900, as subdued demand weighed on the domestic bullion market.
The yellow metal of 99.9 per cent purity dropped by ₹700 to ₹1,46,300 per 10 grams from Monday's closing level of ₹1,47,000 per 10 grams.
Silver also witnessed a sharper correction, tumbling ₹8,900 to ₹2,26,100 per kilogram, according to the All India Sarafa Association.
The white metal had closed at ₹2,35,000 per kg in the preceding session.
Traders said sluggish offtake from jewellers and industrial users kept precious metals under pressure despite resilient overseas prices.
In the international markets, spot gold gained marginally to trade at $4,020.13 per ounce, and silver rose nearly 1 per cent to $58.06 per ounce.
"Bullion attempted to recover from Monday's sharp sell-off, but gains remained limited amid elevated crude oil prices, revived inflation concerns and reinforced expectations that the Federal Reserve could maintain a hawkish monetary policy stance," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
