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Gold falls on subdued demand

Last updated on: October 04, 2013 16:52 IST

Bullion graphGold prices fell by Rs 290 to Rs 30,310 per ten grams in the national capital today owing to slackened demand amid strengthening of the rupee against the US dollar.

Silver also tumbled by Rs 1,030 to Rs 48,220 per kg in continuation of a loss of Rs 430 in last three sessions on reduced offtake by industrial units.

Traders said slackened demand at current levels amid strengthening rupee against the dollar, which makes the import of gold cheaper, mainly pulled down gold prices.

Reduced offtake by industrial offtake kept pressure on silver prices, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 290 each to Rs 30,310 and Rs 30,110 per ten grams, respectively.

It gained Rs 220 on Thursday.

Sovereign followed suit and declined by Rs 100 to Rs 25,000 per piece of eight gram.

In line with a general weak trend, silver ready tumbled by Rs 1,030 to Rs 48,220 per kg and weekly-based delivery by Rs 560 to Rs 48,440 per kg.

However, silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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Tags: US