Gold prices fell Rs 220 to Rs 31,650 per 10 gram due to weak global trend and muted demand from from local jewellers. Silver, too, remained weak and declined by Rs 50 per kg to Rs 39,250 per kg due to reduced offtake by industrial units and coin makers.
Marketmen said the domestic sentiment remained downbeat in sync with a weak trend overseas as dollar firmed up which eroded the demand for precious metal as a safe haven. Besides, slackened demand from local jewellers and retailers at the domestic spot markets fuelled the downtrend.
Globally, gold fell 1.39 per cent to $1,187 an ounce in New York on Monday. Silver, too, shed 2.39 per cent to $14.38 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity lost Rs 220 each to Rs 31,650 and Rs 31,500 per 10 gram, respectively. The precious metal had fallen by Rs 30 yesterday. Sovereign gold, however, remained steady at Rs 24,600 per piece of 8 gram in restricted activity.
In line with the overall trend, silver also traded lower by Rs 50 at Rs 39,250 per kg and weekly-based delivery by Rs 120 at Rs 38,735 per kg. On the other hand, silver coins continued to be traded at the previous levels of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
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