On the Multi Commodity Exchange of India, gold futures fell by Rs 1,910, or 1.23 per cent, ending last week at Rs 1.54 lakh per 10 grams. Silver futures recorded a steeper decline, tumbling Rs 12,506, or 4.9 per cent, to settle at Rs 2.44 lakh per kilogram.
Analysts pointed out that losses in domestic gold prices were partly cushioned by the weakening rupee, which depreciated by around 1.4 per cent over the past week.
In overseas markets, Comex gold declined by $138.7, or 2.8 per cent, to close at $4,740.9 per ounce for the week. Silver also retreated sharply, losing $5.4, or 6.6 per cent, to finish at $76.41 per ounce.