Gold price drops ₹200 on lacklustre demand; silver falls ₹500

New Delhi-India (Nov 24)  Gold prices fell by ₹200 to ₹31,750 per 10 grams on Saturday, mostly on account of slack demand from local jewellers amid a weak trend overseas.

Silver too slumped by ₹500 to ₹37,300 per kg owing to reduced demand from industrial units.

Market analysts said tepid demand from local jewellers and retailers at the domestic spot market weighed on the yellow metal prices.

Globally, gold traded lower at USD 1,222.74 an ounce and silver was at USD 14.27 an ounce in New York on Friday.

In the national capital, gold of 99.9% and 99.5% purity drifted down by ₹200 each to ₹31,750 and ₹31,600 per 10 grams, respectively. The precious metal had lost ₹90 on Friday.

Sovereign too fell by ₹100 to end at ₹24,700 per piece of eight grams.

In line with gold, silver ready dropped by ₹500 to ₹37,300 per kg and weekly-based delivery shed ₹486 to reach ₹36,100 per kg.

Silver coins, however, continued to be traded at the previous level of ₹73,000 for buying and ₹74,000 for selling of 100 pieces.

TheHindu