Amid weak cues from the global market and fall in demand from local jewellers, gold prices plunged Rs 390 to Rs 31,460 per 10 grams at the bullion market during the week.
Silver also lost Rs 890 to reach Rs 36,560 per kg due to poor offtake by industrial units and coin makers.
Traders said a weak trend in the overseas market weighed on gold prices. Besides, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on the prices, they said.
Globally, gold ended the week at $1,221.88 per ounce and silver at USD 14.17 an ounce in New York.
In the national capital, gold of 99.9 and 99.5 per cent purity started the week with a gain of Rs 100 each but succumbed to profit-booking and tepid demand to close at Rs 31,460 and Rs 31,310 per 10 grams respectively, showing a fall of Rs 390 each.