New Delhi, Sep. 8 (PTI): Falling for the second straight day, gold prices declined by INR 100 to INR 31,350 per 10 grams at the bullion market Saturday on a sluggish overseas trend and softness in local demand.
However, silver bounced back by INR 275 to INR 37,775 per kg due to increased offtake from industrial units and coin makers.
Marketmen said apart from a weak trend overseas, easing demand from local jewellers and retailers at the domestic spot market weighed on gold prices.
Globally, gold prices fell 0.28 per cent to USD 1,196.20 an ounce in New York in yesterday’s trade following upbeat US jobs data that strengthened the dollar and eroded demand for the precious metals as a safe haven.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted further lower by INR 100 to INR 31,350 and INR 31,200 per 10 grams, respectively.
The precious metal had shed Rs 60 yesterday.
Sovereign, however, remained steady at INR 24,500 per piece of eight grams.
On the other hand, silver ready rebounded by INR 275 to INR 37,775 per kg and weekly-based delivery gained INR 140 to INR 37,165 per kg.
Silver coins, however, continued to be traded at the previous level of INR 72,000 for buying and INR 73,000 for selling of 100 pieces.
