Gold falls by Rs. 100 to Rs. 31,150 on subdued demand

Mumbai-India (Feb 21)  Gold prices fell by Rs. 100 to Rs. 31,150 per 10 grams in the national capital on Friday on slackened demand amid a weak global trend.

However, silver recovered by Rs. 50 to Rs. 47,550 per kg on scattered buying.

Sluggish demand and a weak global trend on speculation that recent rally is curbing physical demand in Asia and as the Federal Reserve indicated that it will press on with cuts to stimulus, mainly influenced the sentiment, traders said.

Gold in Singapore, which normally sets price trend on the domestic front, fell 0.5 per cent to $1,316.08 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 100 each to Rs. 31,150 and Rs. 30,950 per 10 grams, respectively.

Sovereign followed suit and lost Rs. 100 at Rs. 25,400 per piece of eight grams.

On the other hand, silver ready recovered by Rs. 50 to Rs. 47,550 per kg and weekly-based delivery by Rs. 140 to Rs. 47,350 per kg, while silver coins remained steady at Rs. 88,000 for buying and Rs. 89,000 for selling of 100 pieces.

Source: Profit.ndtv