Gold price falls to Rs 31,570 on muted demand, weak global cues

Mumbai-India (June 21)  Gold prices tumbled Rs 145 to Rs 31,570 per 10 grams at the bullion market today due to fall in demand from local jewellers and retailers amid a weak trend overseas.

However, silver continued to be traded at the previous level of Rs 41,000 per kg on scattered enquiries from industrial units and coin makers.

Marketmen attributed the continuous fall in gold prices to muted demand from jewellers. Besides, strengthening of dollar against other currencies overseas aided the downtrend.

Globally, gold fell 0.17 per cent to $1,265.66 an ounce and silver by 0.23 per cent to $16.24 an ounce in Singapore today.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 145 each to Rs 31,570 and Rs 31,420 per 10 grams, respectively. The precious metal lost Rs 185 yesterday. Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight grams.

On the other hand, silver ready was well maintained at Rs 41,000 per kg on scattered deals but weekly-based delivery fell by Rs 240 to Rs 39,490 per kg, on speculative selling. Silver coins continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

BusinessLine

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