Gold falls by ₹650 on lacklustre demand

Marketmen said gold prices sank on poor demand from local jewellers and retailers at domestic spot market.

Gold prices plunged by ₹650 to ₹31,300 per ten grams at the bullion market on Friday, following a considerable fall in demand from local jewellers and retailers at prevailing price levels.

A goldsmith works on a gold bangle at a workshop in Kolkata. (Reuters File Photo)

Silver followed suit and lost ₹600 at ₹39,150 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said gold prices sank on lacklustre demand from local jewellers and retailers at domestic spot market. In the national capital, gold of 99.9% and 99.5% purity plunged by ₹650 each to ₹31,300 and ₹31,150 per ten grams, respectively.

Sovereign, however, remained unaltered at ₹24,800 per piece of eight grams.

Silver coins, however, remained steady at ₹74,000 for buying and ₹75,000 for selling of 100 pieces.