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Monday, Nov 18, 2019

Gold falls by Rs 650 on lacklustre demand

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

business Updated: Mar 30, 2018 15:17 IST

Press Trust of India, New Delhi
A goldsmith works on a gold bangle at a workshop in Kolkata.
A goldsmith works on a gold bangle at a workshop in Kolkata.(Reuters File Photo)
         

Gold prices plunged by Rs 650 to Rs 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.

Silver followed suit and lost Rs 600 at Rs 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 Rs 650 each to Rs 31,300 and Rs 31,150 per ten grams, respectively.

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

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