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Gold falls by Rs 145 on lacklustre demand

Gold prices tumbled Rs 145 to Rs 31,570 per 10 grams at the bullion market today on 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, a strengthening dollar diminished the appeal of the sovereign as a safe haven, aiding the downtrend.

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

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by 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.

Meanwhile, the sovereign futures fell by 0.30 per cent to Rs 31,015 per 10 grams today as participants booked profits amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in far-month October fell by Rs 93, or 0.30 per cent, to Rs 31,015 per 10 grams in a business turnover of 24 lots.

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