Gold prices today declined marginally at the bullion market owing to slower demand at prevailing higher levels. International spot gold was steady at $1,228 an ounce as the dollar rally paused after a sharp rally in previous sessions.

Earlier, gold prices rose on uncertainty over US presidential elections and now gold prices seem settling after conclusion of the US polls.

At the Multi Commodity Exchange, gold for December delivery was down Rs 49, or 0.17 per cent to Rs 30,334 per ten grams. The metal for month delivery (February) contracts was riding marginally higher by Rs 14, or 0.05 per cent to Rs 29,215 per ten grams.

Gold is extremely sensitive to interest rates. Gold may also feel the pressure from an imminent hike in US interest rates by Federal Reserve which will negatively impact on gold.

Most of the gold and jewellery shops remained closed for the 7th day today in the national capital today after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion following the government's demonetisation move, reports PTI.

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