Gold futures continued to decline further after climbing in previous sessions as a spike in the precious metal tempted traders to book profits.
Ahmedabad spot gold on the Multi Commodity Exchange was seen trading lower at Rs 31,533 per 10 grams.
MCX gold futures for December 2012 contract, was trading at Rs 31,513 per 10 gram, lower by 0.21%. The metal opened at Rs 31,500, against a previous close of Rs 31,579.
MCX silver futures slipped by Rs161 per kg, and was trading at Rs 62,891 per kg. Spot silver on MCX was trading at Rs 62,494 per kg.
International gold inched up to $1,730 an ounce. While, gold is set for its biggest weekly fall as many investors remain sidelines as there is uncertainty over an impending fiscal cliff issue.
Delhi spot gold of 99.9% purity was seen lower at Rs 32,100 per 10 grams and gold of 99.5% was seen at Rs 31,900 per 10 grams.