Gold prices fall below Rs31,000 mark on weak local demand
New Delhi: Gold prices declined by Rs100 to Rs30,900 per 10 gram at the bullion market on Friday as demand from jewellers and retailers eased locally amid weak trend overseas. However, silver recovered by Rs100 to Rs41,600 per kg on scattered enquiries from industrial units.
Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers remained at prevailing levels, mainly weighed on gold prices.
Globally, gold fell 0.20% to $1,326.30 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity fell by Rs100 each to Rs30,900 and Rs30,750 per 10 grams, respectively. The precious metals had climbed Rs650 on Thursday. Sovereign, however, remained unaltered at Rs24,700 per piece of eight gram.
On the other hand, silver ready recovered by Rs100 to Rs41,600 per kg, while weekly-based delivery regained the Rs41,000-mark by rising Rs190 to Rs41,120 per kg. Silver coins, however, continued to be asked at the last level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.