Gold prices fall by Rs 625, silver prices steady

India : Gold prices tumbled by Rs 625 to Rs 31,100 per ten grams in Delhi on the back of sluggish demand and weak global trend. However, silver prices held steady at Rs 54,300 per kg in scattered buying from industrial units and coin makers.

Gold prices fall

Speculation that the US Federal Reserve will reduce monthly debt purchases this month pulled down gold prices globally. Gold prices in London, which is the benchmark for domestic prices, fell 0.3 per cent to $1,387.24 an ounce. Silver prices dropped by 0.3 per cent to $23.78 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 625 each to Rs 31,100 and Rs 30,900 per ten grams, respectively. It had gained Rs 725 in the previous session. Sovereign held steady at Rs 25,200 per piece of eight gram.

Silver ready ruled steady at Rs 54,300 per kg while weekly-based delivery shed Rs 35 at Rs 54,895 per kg. Silver coins continued to be asked around previous level of Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

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