Gold prices tumble by Rs 65 to Rs 31,475 per 10 gram

New Delhi: Extending losses for the third straight day, gold prices Friday fell by Rs 65 to Rs 31,475 per 10 gram amid weak trend overseas.

The yellow metal had shed Rs 310 in the past two days. Besides, silver prices lost Rs 85 to Rs 37,075 per kg on weak demand from industrial units and coin makers.

Traders said appreciating rupee as well as weak demand in the overseas market led to a slide in gold prices. Fall in demand from local jewellers as well as retailers kept pressure on the prices.

The rupee rose to a 3-month high of 69.80 against the US dollar, up 5 paise as compared with the previous close, in intra-day trade in the forex market.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 65 each to Rs 31,475 and Rs 31,325 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 24,700 per piece of 8 gram.

Globally, gold traded at USD 1,224.10 an ounce in New York, while silver was at USD 14.31 an ounce.

Meanwhile, silver ready recovered by 85 to Rs 37,075 per kg, and weekly-based delivery increased by Rs 258 to Rs 35,606 per kg.

Silver coins, however, ruled flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.