Gold prices on Tuesday lost Rs 20 at Rs 11,560 per 10 gram in the bullion market in New Delhi on selling by stockists amidst weak global trends.
Selling pressure picked up after the metal fell below $800 an ounce in Asia amid concerns that dollar may gain further eroding the appeal of gold.
Traders said strengthening of dollar against yen and euro and a fall in crude oil led to decline in gold prices,
They said despite the ongoing festival season retail customers refrained from buying on expectations that the metal might go down further.
In Singapore, gold fell by $11.83 to $788.24 an ounce. The metal dropped to $772.98 on August 15, the lowest since October last. Silver also tumbled 2.9 per cent to $12.685 an ounce.
In the domestic market here, standard gold and ornaments lost Rs 20 each at Rs 11,560 and Rs 11,410 per ten grams respectively. Sovereign fell by Rs 50 to Rs 9,650 per piece of eight gram.
A similar weakness persisted in white metal prices as silver ready plunged by Rs 460 to Rs 20,200 per kg and weekly-based delivery by Rs 335 to Rs 19,400 per kg respectively.
However, silver coins traded around previous level of Rs 27,500 for buying and Rs 27,600 for selling of 100 pieces.