Gold Prices Drop By 130 Rupees On Tepid Demand

Breaking two-day rising streak, gold prices dropped by Rs 130 on Saturday to close at Rs 32,100 per 10 gm at the bullion market in the national capital, reported news agency Press Trust of India (PTI). Low demand from local jewellers coupled with weak global cues weighed on the yellow metal at the domestic spot market, traders were quoted as saying in a PTI report. Silver rates declined by Rs 200 to Rs 37,800 per kg on weak demand from industrial units and coin makers.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 130 each to Rs 32,100 and Rs 31,950 per 10 gm, respectively. Sovereign gold remained unchanged at Rs 25,000 per piece of 8 grams on little doing. 

Globally, gold traded lower by 0.33 per cent at $1,256.20 an ounce and silver slipped 1.02 per cent to  $14.69 an ounce in New York. 

Silver ready, too, dropped Rs 200 to Rs 37,800 per kg, while weekly-based delivery was down by Rs 238 to Rs 37,494 per kg. Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.