Gold prices fall by Rs 100 on low jewellers’ demand

Gold prices on Tuesday fell Rs 100 to Rs 33,150 per 10 grams at the bullion market here on account of subdued demand from local jewellers and diversion of funds to rising equity market despite positive trend overseas, according to the All India Sarafa Association.

Silver, however, gained Rs 50 to Rs 39,580 per kg on increased uptake by industrial units and coin makers.

Traders said low demand from domestic jewellers and investors’ increased focus on equities pulled down the prices of the yellow metal.

The Sensex had on Monday jumped 383 points to close at a near six-month high of 37,052. On Tuesday also, it was trading 503.36 points higher during the day.

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They, however, said silver rose on account of a rise in demand from factories. Globally, gold prices were trading up at USD 1,296.80 per ounce, while silver was up at USD 15.49 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities slumped Rs 100 each to Rs 33,150 and Rs 32,980 per 10 grams, respectively. Sovereign, however, remained flat at Rs 26,400 per piece of 8 grams.

Silver ready, on the other hand, rose Rs 50 to Rs 39,580 per kg, whereas weekly-based deliveries fell Rs 55 to Rs 38,660 per kg.

Silver coins, meanwhile, held steady at previous levels of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.