Gold prices fall by ₹100 on lacklustre demand

Mumbai-India (Nov 13)  Gold prices came down by ₹100 to ₹32,050 per 10 grams at the bullion market on Tuesday owing to slackened demand from local jewelle₹despite a firm trend in overseas markets.

Silver followed suit and cracked below the ₹38,000-mark by plunging ₹700 to ₹37,450 per kg due to reduced offtake by industrial units and coin makers.

Marketmen attributed the slide in gold prices to easing demand from local jewellers and retailers at existing levels in domestic spot market but added that a firm trend overseas capped the fall.

Globally, gold rose 0.22% to USD 1,203.50 an ounce and silver by 0.68% to USD 14.18 an ounce in Singapore.

In the national capital gold of 99.99% and 99.5% purity fell by ₹100 each to ₹32,050 and ₹31,900 per 10 grams respectively.

Sovereign gold, however, remained flat at ₹24,800 per piece of 8 grams.

Silver ready slumped by ₹700 to ₹37,450 per kg and weekly-based delivery by ₹453 to ₹36,662 per kg.

Silver coins also dropped by ₹1,000 to ₹74,000 for buying and ₹75,000 for selling of 100 pieces as demand eased post festive season.

TheHindu