New Delhi: Gold prices fell from record high of Rs 23,620 per 10 grams by losing Rs 120 to Rs 23,500 per 10 grams on Tuesday reduced offtake at existing high levels amid a weakening global trend.

However, silver strengthened by Rs 365 to Rs 59,865 per kg on increased demand from industrial units.

Trading sentiment in gold turned bearish due to fall in demand at existing high levels, traders said.

They added that the retailers were waiting for some correction in the metal's prices after it declined overseas.

The gold in global markets, which normally sets a price trend on the domestic front here, declined by USD 3.10 to USD 1,611.70 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 120 each to Rs 23,500 and Rs 23,380 per 10 grams, respectively. The yellow metal had climbed to an all-time high of Rs 23,620 on Monday.

Sovereigns remained steady at Rs 18,950 per piece of eight grams in restricted buying.

On the other hand, while silver ready strengthened by Rs 365 to Rs 59,865 per kg, weekly-based delivery dipped by Rs 1,170 to Rs 59,100 per kg on lack of speculator's support.

Silver coins also declined by Rs 500 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

(Agencies)