Gold price falls to Rs. 30,500; silver down at Rs. 40,700 per kg

New Delhi-India (Oct 25)  Gold dipped by Rs. 10 to Rs. 30,500 at the bullion market today, largely in sync with a weak trend overseas amid falling demand from local jewellers. Silver also fell Rs. 300 to Rs. 40,700 per kg due to reduced offtake by industrial units and coin makers.

Traders said a subdued trend overseas, as a strong dollar eroded the demand for the precious metals, mainly influenced the sentiment here. In addition, fall in demand from local jewellers and retailers and shifting of funds towards the soaring equity also weighed on the prices, they said.

Globally, gold fell 0.3 per cent to $1,272.50 an ounce and silver by 0.35 per cent to $16.84 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs. 10 each to Rs. 30,500 and Rs. 30,350 per ten gram, respectively. It had gained Rs. 60 yesterday. Sovereign however was steady at Rs. 24,700 per piece of eight gram.

Tracking gold, silver ready fell Rs. 300 to Rs. 40,700 per kg and weekly0based delivery by Rs. 270 to Rs. 39,635 per kg.Silver coins however continued to be traded at the previous level of Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine