Gold prices tumbled Rs 145 to Rs 31,570 per 10 grams at the bullion market today on fall in demand from local jewelers and retailers...

Gold prices tumbled Rs 145 to Rs 31,570 per 10 grams at the bullion market today on fall in demand from local jewelers and retailers amid a weak trend overseas. However, silver traded at its previous level of Rs 41,000 per kg on scattered enquiries from industrial units and coin makers. Marketmen attributed the continuous fall in gold prices to muted demand from jewellers. Besides, a weak global trend as a strengthening dollar diminished the safe-haven appeal of the precious metal, aided the downtrend.

Fall in demand from local jewelers and retailers

Globally, gold fell 0.17 percent to USD 1,265.66 an ounce and silver shed 0.23 percent to USD 16.24 an ounce in Singapore today. In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 145 each to Rs 31,570 and Rs 31,420 per 10 grams, respectively. The yellow metal had lost Rs 185 yesterday. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

Silver ready traded at Rs 41,000 per kg

On the other hand, silver ready traded at Rs 41,000 per kg on scattered deals but weekly-based delivery fell by Rs 240 to Rs 39,490 per kg on speculative selling. Silver coins continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.