Gold prices on Monday declined by Rs 50 to close at Rs 15,600 per ten gram in the bullion market here on weak global trend amid reduced offtake. After the bull run in the last few trading sessions, gold fell on reduced offtake by retailers and jewellery fabricators, expecting the metal might go further down. A weakening trend in international markets, which normally set prices here, further fuelled the down-trend. The gold in Hong Kong traded around 994.00 dollars an ounce, after touching a low of 984 dollar. The metal had surged to one-year high of 1,007.20 dollar an ounce on Thursday in teh New York Merchantile Exchange, bolstering demand for the metal as safe hedge following deepening economic crisis. However, silver market remained close on account of 'Mahashivratri.' Trading volume was negligible as most ofthe traders were in festive mood and refrained from doing any worthwhile business. Standard gold and ornaments fell by Rs 50 each at Rs 15,600 and Rs 15,450 per ten gram respectively. Sovereign was unchanged at Rs 12,400 per piece of eight gram.

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