Gold prices dipped below 28k level to close at Rs 27,750 per 10 grams at the bullion market during the week on stockists selling amid weak global trend.
Silver also eased on lack of buying support from industrial units and coin makers.
Traders said stockists selling amidst easing demand from jewellers and retailers, a weak global trend, mainly led to the fall in gold and silver prices.
During the week, gold in global markets, which normally sets price trend on the domestic front, fell to USD 1,258, the lowest since June 17 before close at USD 1,267.30 an ounce in New York.
Appreciating rupee, which made import of precious metal cheaper and shifting of funds from weakening bullion to surging equities, also weighed on precious metal prices, they said.
In the national capital, gold 99.9 and 99.5 percent purity commenced the week on a bearish note at Rs 28,175 and Rs 27,975 per 10 grams and day-to-day sustained selling by stockists fell further to close at Rs 27,750 and Rs 27,550 per ten grams respectively, a level last seen on since June 17, showing a loss of Rs 515 each.
Sovereigns, however, moved between gain and losses on alternate bouts of buying and selling and settled at Rs 24,550 per piece of eight grams against last close of Rs 24,600.
Silver ready ended lower by Rs 700 to Rs 42,075 per kg on reduced offtake by industrial units and coin makers.
However, silver weekly-based delivery which remained weak for the major part of week, met with fag-end speculators buying and end at Rs 42,075 per kg as compared to previous week's close of Rs 42,050, showing a modest gains of Rs 25.
Silver coins dropped by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
