Gold prices fell for the second straight session, declining ₹700 to ₹1.48 lakh per 10 grams in the national capital on Wednesday, as subdued local demand and weak global trend weighed on the precious metal.

The yellow metal of 99.9 per cent purity fell to a one-week low, depreciating ₹700 to ₹1,48,900 per 10 grams, inclusive of all taxes, from Tuesday’s closing level of ₹1,49,600, according to local traders.

It was quoted at ₹1,48,600 per 10 grams on September 29.

“Gold prices declined in the domestic market on Wednesday amid weak global cues and subdued retail demand,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.