Bhubaneswar, Nov 1: Gold and silver prices have continued their downward trend in the domestic market amid developments in the international market. Gold prices have declined by more than Rs 5,000 this week, while silver has become cheaper by Rs 20,000 per kilogram.

In Bhubaneswar, the price of 22-carat gold has fallen to Rs 1,27,300 per 10 grams, while 24-carat gold is now priced at Rs 1,38,880 per 10 grams. Silver prices have also dropped to Rs 2 lakh per kilogram.

Several factors are contributing to the decline in gold prices. One of the major reasons is profit-booking, as investors are selling gold in large quantities to cash in on the gains made at higher price levels. The strengthening of the US dollar is another key factor putting pressure on gold prices.

Meanwhile, the fall in silver prices is being attributed partly to declining demand from the solar and electronics manufacturing sectors, which are major consumers of the metal.

The continued decline in prices has brought some relief to buyers, although market trends will depend on further developments in global economic conditions and demand.