India, Aug. 28 -- Gold prices fell for the second straight session, declining by Rs 800 to Rs 1,65,700 per 10 grams in the national capital on Thursday, even as local markets geared up for Rakshabandhan celebrations.

The yellow metal of 99.9 per cent purity had closed at Rs 1,66,500 per 10 grams on Wednesday.

However, silver remained unchanged at Rs 2,50,500 per kilogram (inclusive of all taxes), according to local traders. The decline in gold comes a day before Rakshabandhan, when consumers traditionally step up purchases of gifts and jewellery. The festival, to be celebrated on Friday, is marked by the exchange of gifts between brothers and sisters, with gold and silver jewellery contributing significantly to festive purchases.

Analy...