Gold price falls on muted demand, silver shapes up on fresh buying

New Delhi-India (Oct 23)  Gold prices fell Rs135 to Rs27,200 per 10 grams in Delhi bullion market on Friday owing to slack demand from jewellers and retailers at prevailing levels even as the metal firmed up in global markets.

Traders said easing demand from jewellers and retailers following the end of the auspicious Navratra festival mainly led to the decline in gold prices, but a firm trend overseas capped the fall.

Globally, gold edged higher 0.3% to $1,169.40 an ounce in Singapore. Besides, an appreciating rupee against the dollar making the imports cheaper influenced gold prices.

In the national capital, gold of 99.9% and 99.5% purity were down by Rs135 each to Rs27,200 and Rs27,050 per 10 grams, respectively. Sovereign, however, remained steady at Rs22,400 per piece of eight grams.

On the other hand, silver ready rose Rs385 to Rs37,285 per kg and weekly-based delivery by Rs225 to Rs37,160. Silver coins also spurted by Rs1,000 to Rs52,000 for buying and Rs53,000 for selling of 100 pieces.

Source: LiveMint