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Gold, silver prices drop on low demand
Gold prices tumbled by Rs 395 to Rs 32,700 per 10 grams at the bullion market Friday following slackened domestic demand.
New Delhi: Gold prices tumbled by Rs 395 to Rs 32,700 per 10 grams at the bullion market Friday following slackened domestic demand, according to the All India Sarafa Association.
Also Read: Gold rises on robust demand, global cues
Silver too declined by Rs 590 to Rs 38,260 per kg amid decrease in demand from coin makers and industrial units.
Drop in gold prices was mainly due to low domestic demand amid subdued global trends.
In the international market, gold was trading at USD 1,287.70 an ounce and silver at USD 15.01 an ounce in New York.
Also Read: Gold slips below Rs 34,000 on weak global cues
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 395 each to Rs 32,700 and Rs 32,530 per 10 grams, respectively.
Gold prices had gained Rs 35 to Rs 33,095 Thursday. Sovereign gold, however, remained unchanged at Rs 26,400 per piece of eight grams Friday.
Also Read: Silver goes up on increased offtake; gold steady
Silver ready fell by Rs 590 to Rs 38,260 per kg and weekly-based delivery declined Rs 713 to Rs 37,289 per kg. (PTI)