Gold falls by Rs 70 to two-week low on global cues, muted demand

Gold prices fell by Rs 70 to trade at a nearly two-week low of Rs 31,000 per 10 grams at the bullion market today, tracking a weak trend overseas amid slackened demand from jewellers at domestic spot market.

Silver also dropped by Rs 350 to Rs 45,100 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, easing demand from jewellers and retailers at domestic spot market led to decline in gold prices.

Globally, gold fell by 0.08% to US $1,313.10 an ounce and silver by 0.13% to US $18.93 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5% purity fell by Rs 70 each to Rs 31,000 and Rs 30,850 per 10 grams respectively, a level last seen on 3 September.

Bullion market remained closed yesterday on account of Anant Chaturdashi and Ganesha Visarjan.

Sovereign, however, remained steady at Rs 24,400 per piece of eight grams.

Silver ready slipped by Rs 350 to Rs 45,100 per kg, while weekly-based delivery by Rs 5 to Rs 45,580 per kg.

Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

-PTI