On Monday, spot gold prices declined by 0.14 percent to $1186.2 /oz on reports that Japan had slipped in to recession which led to strength in the dollar index in turn dragging gold prices. The dollar surged to a seven-year peak against the yen after data showed Japan's gross domestic product (GDP) shrank by an annualized 1.6 percent in July-September, after plunging 7.3 percent in the second quarter.
On the MCX, gold prices declined by 0.51 percent to close at Rs.26330/10 gms.
Spot silver prices declined by 1 percent to close at $16.1/oz on Monday in tandem with fall in gold prices. Strength in the dollar and waning interest by the speculators is dragging prices down further.
On the MCX, silver prices declined by around 1.12 percent and closed at Rs.35629/kg.