Gold prices witnessed a sharp pullback from their lifetime highs at the bullion market on fresh bouts of speculative profit taking coupled with subdued demand at higher levels.
The shiny metal had closed at a record high of Rs. 32,200 per 10 gms in overnight trade.
fell sharply owing to aggressive sell-off from traders and speculators.
Standard gold (99.5 purity) dropped by Rs. 215 to finish at Rs. 31,985 per 10 gm from Friday's closing level of Rs. 32,200.
Pure gold (99.9 purity) shed Rs. 225 to end at Rs. 32,130 per 10 gm from Rs. 32,355.
Silver ready (.999 fineness) dropped 655 per kg to conclude at Rs. 63,010 as compared to Rs. 63,665 on Friday.
"Investors and local consumers, fearing the yellow metal may undergo a correction, refrained from going long and took some profit after the recent rally," traders commented.
In overseas trade, the yellow metal maintaining its bullish momentum and advanced modestly after surging over 2.2% following unveiling of the much-awaited quantitative easing measures by the US Federal Reserve on Thursday.
Gold for December delivery gained just 60 cents to settle at $1,772.70 an ounce on the Comex division of the NYMEX late Friday.
Silver for December contract moved down 12 cents to $34.66 an ounce.