Gold falls by Rs. 235 on muted demand; silver steady
Gold fell by Rs. 235 to Rs. 32,015 per 10g at the bullion market today on muted demand from local jewelers amid appreciating rupee. Silver, however, held steady at Rs. 37,900/kg on scattered inquiries from industrial units and coin makers. Traders said fall in demand from local jewelers and retailers largely dragged down gold prices, but a firm trend overseas capped the fall.
Strengthening rupee also another cause of gold price falling
Traders added that the appreciating rupee made imports cheaper and also fueled the downtrend in the precious metal prices. The rupee strengthened by 25p to 71.72 against the dollar (intra-day) in the forex market today. In Delhi, gold of 99% and 99.5% purity dropped by Rs. 235 each to Rs. 32,015 and Rs. 31,865 per 10g, respectively. It had risen Rs. 350 yesterday.
Sovereign gold remained flat; globally gold rose 0.17%
Sovereign-gold remained flat at Rs. 24,800 per piece of 8g. Globally, gold rose 0.17% to $1,216.10/ounce, while silver rose 0.14% to $14.39/ounce in Singapore. Meanwhile, silver ended steady at Rs. 37,900/kg on scattered demand, while weekly-based delivery rose by Rs. 147 to Rs. 36,818/kg on speculative-buying. Silver coins continued to be traded at Rs. 73,000 for buying and Rs. 74,000 for selling of 100-pieces.
