Gold prices retreated from their record levels today, losing Rs 350 to Rs 28,190 per 10 grams due to profit-booking by stockists at existing high prices amid a weak global trend.

The metal had touched an all-time high of Rs 28,540 per 10 grams yesterday.

Silver also tumbled by Rs 1,300 to Rs 65,000 per kg on reduced industrial offtake.

Trading sentiment turned bearish after gold dropped for the first time in seven days in London, as some investors sold the metal at record prices.

In the global markets, which normally set the price trend at the domestic front, the metal fell by $12.42 to $1,885.18 an ounce in London after touching a record level of $1,913 per ounce yesterday.

Absence of physical buying, due to investors shifting their funds to firming equity markets, also influenced the trading sentiment to some extent.

At the domestic front, gold of 99.9 per cent and 99.5 per cent purity fell Rs 350 each to Rs 28,190 and Rs 28,040 per 10 grams, respectively. Sovereigns, however, held steady at Rs 22,500 per piece of eight grams on account of restricted buying support.

In line with the general weakening trend, silver ready tumbled by Rs 1,300 to Rs 65,000 per kg and weekly-based delivery by Rs 1,885 to Rs 64,600 per kg. Silver coins also shed Rs 1,500 to 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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