Gold prices on Monday fell ₹ 150 to ₹ 32,720 per 10 gram in the national capital due to lacklustre demand from local jewellers amid weak trend overseas, according to the All India Sarafa Association. Tracking gold, silver also plunged ₹ 250 to ₹ 37,350 per kg on reduced offtake by industrial units and coin makers.

Sentiments weakened on the back of a subdued global trend, and the fall in demand from local jewellers also put pressure on the precious metal, traders said. Moreover, gain in domestic equity markets and rupee also weighed on bullion prices, they added.

Domestic benchmark indices extended their rally on Monday with the Sensex skyrocketing 1,300 points and the Nifty touching 11,800 mark, as investors cheered exit poll results that showed a likely win for the ruling NDA in the general elections.

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The rupee on Monday also appreciated by 63 paise to 69.60 per dollar during the trade driven by exit polls and firming crude oil prices.

Read more:Local currency market report

Globally, spot gold was trading lower at USD 1,275.30 an ounce, while silver was down at USD 14.43 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped by ₹ 150 each to ₹ 32,720 and ₹ 32,550 per 10 gram, respectively.

Sovereign gold, however, held steady at ₹ 26,500 per eight gram. On Saturday, gold prices had fallen by ₹ 300 to ₹ 32,870 per 10 gram.

Meanwhile, silver on Monday dropped by ₹ 250 to ₹ 37,350 per kg, while weekly-based delivery slumped ₹ 416 to ₹ 36,161 per kg. On the other hand, silver coins held flat at ₹ 79,000 for buying and ₹ 80,000 for selling of 100 pieces.

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