Gold and silver prices fall on tepid demand

Gold prices fell by Rs 55 to Rs 32,945 per 10 gram at the bullion market here on Tuesday due to tepid demand from jewellers, according to the All India Sarafa Association.

Tracking gold, silver also dropped by Rs 200 to Rs 38,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said easing demand from local jewellers at the domestic market led to the decline in prices, but a firm trend overseas restricted the fall.

Globally, spot gold was trading higher at USD 1,285.40 an ounce, while silver was up at USD 15.06 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 55 each to Rs 32,945 and Rs 32,775 per 10 gram, respectively.

However, sovereign gold held steady at Rs 26,400 per eight gram.

Silver ready slumped by Rs 200 to Rs 38,500 per kg and weekly-based delivery reduced by Rs 28 to Rs 37,222 per kg.

On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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