Gold prices drop Rs 200 on weak demand, sliver rates fall Rs 500
Gold prices fell by Rs 200 to Rs 31,750 per 10 grams today; Silver declined by Rs 500 to Rs 37,300 per kg
New Delhi: Gold prices fell by Rs 200 to Rs 31,750 per 10 grams on Saturday due to tepid demand from local jewellers amid a weak trend overseas.
Silver, too, slumped by Rs 500 to Rs 37,300 per kg owing to reduced demand from industrial units.
Market analysts said tepid demand from local jewellers and retailers at the domestic spot market weighed on the prices of the yellow metal.
Globally, gold traded lower at $1,222.74 an ounce and silver was at $14.27 an ounce in New York on Friday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 200 each to Rs 31,750 and Rs 31,600 per 10 grams, respectively. The precious metal had lost Rs 90 on Friday.
Sovereign, too, fell by Rs 100 to end at Rs 24,700 per piece of eight grams.
In line with gold, silver ready dropped by Rs 500 to Rs 37,300 per kg and weekly-based delivery shed Rs 486 to reach Rs 36,100 per kg.
Silver coins, however, continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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