Gold slides by Rs.625 as demand wanes

New Delhi-INDIA (Sept 90   Gold prices tumbled by Rs. 625 to Rs. 31,100 per ten grams here on Monday on sluggish demand at prevailing higher levels amid a weak global trend.

However, silver held steady at Rs.54,300 per kg in scattered buying from industrial units and coin makers. Traders said sluggish demand at prevailing higher levels amid a weak global trend on speculation US Federal Reserve policy makers will reduce monthly debt purchases this month, mainly pulled down gold prices.

 

Gold in London, which normally set price trend on the domestic front, fell 0.3% to $1,387.24 an ounce and silver by 0.3% to $23.78 an ounce. On the domestic front, gold of 99.9 and 99.5% purity tumbled by Rs.625 each to Rs.31,100 and Rs.30,900 per 10 grams, respectively. It had gained Rs.725 in the previous session. Sovereign held steady at Rs.25,200 per piece of eight gram.

 

On the other hand, silver held steady at Rs.54,300 per kg while weekly-based delivery shed Rs.35 at Rs.54,895 per kg. Silver coins continued to be asked around previous level of Rs. 88,000 for buying and Rs.89,000 for selling of 100 pieces.