Gold prices fall Rs 100 on low demand from jewellers
Traders said low demand from domestic jewellers and investors\' increased focus on equities pulled down the gold prices.
New Delhi: Gold prices on Tuesday fell by Rs 100 to Rs 33,150 per 10 gram in the national capital mainly due to subdued demand from local jewellers, according to the All India Sarafa Association. Silver, however, gained Rs 50 to Rs 39,580 per kg on increased offtake by industrial units and coin makers.
Traders said low demand from domestic jewellers and investors' increased focus on equities pulled down the gold prices. On Monday, the 30-share Sensex jumped 383 points to close at a near six-month high of 37,052. On Tuesday also, it was trading 503.36 points higher during the day.
Globally, gold prices were trading higher at USD 1,296.80 per ounce and silver was up at USD 15.49 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped Rs 100 to Rs 33,150 and Rs 32,980 per 10 gram, respectively. Sovereign, however, remained flat at Rs 26,400 per eight gram.
Silver ready rose Rs 50 to Rs 39,580 per kg, whereas the price fell Rs 55 to Rs 38,660 per kg for weekly-based deliveries. Price for a lot of 100 silver coins was almost flat at Rs 80,000 for purchase and Rs 81,000 for sale.