Gold Prices Fell Ahead Of Diwali, Silver Rates Follow Suit
Gold prices fell by Rs 80 to Rs 32,610 per 10 grams at the bullion market on Tuesday due to easing demand from local jewellers as well as retailers amid weak trend overseas. Silver followed suit and dropped by Rs 240 to Rs 39,300 per kg on poor offtake by industrial units.
Traders said the slide in gold price was attributed to absence of follow up buying support post 'Dhanteras' from jewellers and retailers coupled with a weak trend in global market. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India.
Globally, gold fell by 0.15 per cent to $1,229.30 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity traded lower by Rs 80 each to Rs 32,610 and Rs 32,460 per 10 grams respectively.
The precious metal had gained Rs 60 in the past two days on the back of pick up in demand on the occasion of 'Dhanteras'. Sovereign gold, however, held steady at Rs 24,900 per piece of 8 grams. In line with overall trend, silver ready fell by Rs 240 to Rs 39,300 per kg and weekly-based delivery by Rs 193 to Rs 38,444 per kg. Silver coins, however, remained unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
