A day after touching an all-time-high level, gold prices on Friday slipped Rs 140 but traded above the Rs 38,000-mark at Rs 38,330 per 10 gram, on easing in demand from jewellers despite the precious metal gaining overseas and sustaining above the psychological level of USD 1,500 an ounce.
Silver also declined Rs 290 to Rs 44,010 per kg in the national capital due to reduced offtake by industrial units.
The decline in demand from local jewellers at the domestic spot market led to the dip in gold prices though positive trend overseas capped the fall, traders said.
Besides, gain in equity markets drew investors to move towards riskier assets, reducing the precious metal's appeal, they added.
The Sensex on Friday jumped 254.55 points to close at 37,581.91, while the Nifty rose 77.20 pts to 11,109.65.
Globally, spot gold was trading higher at USD 1,504 an ounce in New York amid ongoing trade tensions between U.S-China and slowing global economic outlook which lifted gold's appeal as safe-haven asset.
Silver was quoting higher USD 17.12 an ounce.