New Delhi: Gold on emergence of stockists selling in line with a weak trend in global markets dropped from record levels by losing Rs 140 to Rs 23,480 per 10 grams in the national capital on Monday.

Silver also declined by Rs 600 to Rs 58,000 per kg on sluggish demand from industrial units and coin makers.

Silver coins followed suit and tumbled by Rs 1,500 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

Trading sentiment turned bearish after gold declined from record level in overseas markets by losing 1.3 per cent to USD 1,607.45 an ounce, after the US lawmakers reached an agreement to increase the nation's debt limit and cut federal deficit, averting a default and eroding demand for haven assets.

The white metal also lost 1.4 per cent to USD 39.31 an ounce.

In addition, fall in domestic demand at existing high levels on expectations of further fall in precious metals' prices also dampened the trading sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 140 each to Rs 23,480 and Rs 23,360 per 10 grams, respectively. The metal had climbed to an all-time high of Rs 23,620 in the previous session.

However, sovereigns held steady at Rs 19,000 per piece of eight grams in restricted buying.

Similarly, silver ready fell by Rs 600 to Rs 58,000 per kg and weekly-based delivery declined by Rs 720 to Rs 58,200 per kg.