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Gold down by Rs 160 on weak demand

Source : PTI
Last Updated: Fri, Oct 12, 2012 10:30 hrs
An employee holds a gold piece, each weighing 100 grams, at the state-owned mining company PT Antam Tbk metal refinery in Jakarta

New Delhi: Snapping the three-day rising streak, gold on Friday fell by Rs 160 to Rs 31,640 per 10 grams in the national capital, due to slackened demand at prevailing higher levels.

Silver also dropped by Rs 400 to Rs 61,000 per kg on reduced offtake by industrial units and coin makers.

Traders said sluggish demand at prevailing higher levels and helped gold prices to surrendered fresh ground.

Retailers refrained from purchasing due to ongoing 'Shradh' considered to be an inauspicious fortnight in Hindu mythology for making new purchases, they said.

Reduced offtake by industrial units and coin manufacturers led to fall in silver coin, they added.

Gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 31,640 and Rs 31,440 per 10 grams, respectively. The metal had gained Rs 320 in the last three sessions.

Sovereigns remained steady at Rs 25,450 per piece of eight grams in limited deals.

In line with a general weak trend, silver ready dropped by Rs 400 to Rs 61,000 per kg and weekly-based delivery by Rs 430 to Rs 61,725 per kg. Silver coins also met with resistance at existing higher levels and plunged by Rs 1000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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