Taking a big hit, gold on Friday dipped below the Rs.28,000 per 10 grams-level for the first time in six weeks in Delhi.
It lost Rs.375 to stand at Rs.27,765 on sustained selling due to falling domestic demand and weak global cues.
Falling for the fifth straight day, gold prices declined to levels last seen on November 3. Stockists offloaded their positions, taking cues from a steep fall in global markets and reduced demand at prevailing higher levels.
The precious metal has lost Rs.1,565 in the past five sessions.
It had touched a record high of Rs.29,540 per 10 grams on December 8.
However, silver prices rose by Rs.500 to Rs.53,100 a kg on fresh buying by industrial units and jewellers.