New Delhi: Gold prices dropped for second straight day amid weak global prices and fall in demand from local jewellers. Silver prices were steady today amid, after yesterday’s sharp fall. Gold prices declined 150 to 31,900 per 10 gram while silver ready held steady at 37,450 per kg on some buying support. In Delhi, gold of 99.9% and 99.5% purity fell by 150 to 31,900 and 31,750 per 10 gram, respectively. Gold prices had lost 100 on Tuesday.

Sovereign, however, today continued to be traded at 24,800 per piece of 8 gram. Silver weekly-based delivery tumbled by 443 to 36,219 per kg, while silver ready remained unaltered at 37,450 per kg. Silver ready held steady at 37,450 per kg on scattered support, while weekly-based delivery dropped by 443 to 36,219 per kg on speculative selling.

Silver coins prices too were under pressure and fell by 1,000 to 73,000 for buying and 74,000 for selling of 100 pieces.

In global markets, gold prices were steady as the US dollar eased off 16-month highs touched earlier in the week. A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies.

Spot gold was little changed at $1,202.08 per ounce. Gold prices had slipped to their lowest level since October 11 at $1,195.90 in the previous session.

In global markets, gold prices are down about 12% since hitting a peak in April. But in Indian markets, gold prices had risen to six-year highs close to 33,000 amid a fall in rupee against dollar.

Spot gold may bounce to $1,211 per ounce, as it has found a support around $1,195, said Reuters technical analyst Wang Tao.

With Agency Inputs

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