Gold prices drop by Rs250, silver below Rs41,000

New Delhi-India (Jan 28)  Gold prices fell by Rs250 to trade at Rs31,200 per 10 grams at the bullion market on Saturday due to a slowdown in buying by local jewellers even as the rates of the precious metal strengthened overseas.

Silver too cracked below the Rs41,000 mark by falling Rs350 to Rs40,650 per kg due to reduced offtake by industrial units. Bullion traders said fall in demand from local jewellers and retailers at existing levels at the domestic spot market mainly pulled down gold prices but a firm trend overseas capped the fall.

Globally, gold rose 0.15% to $1,349.30 an ounce and silver by 0.72% to $17.38 an ounce in New York on Friday. In the national capital, gold of 99.9% and 99.5% purity plunged by Rs250 each to Rs31,200 and Rs31,050 per 10 gram, respectively.

Sovereign, however, remained flat at Rs24,800 per piece of eight gram. In step with gold, silver ready fell by Rs350 to Rs40,650 per kg and weekly-based delivery by Rs170 to Rs39,960 per kg. Silver coins, however, spurted by Rs1,000 to Rs75,000 for buying and Rs76,000 for selling of 100 pieces.

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