Gold prices slide for local reasons, heres why it went down

Owing to slack demand from local jewellers, gold prices fell by Rs 210 to Rs 31,850 per 10 gram at the bullion market.

But the yellow metal did firm up overseas.

The white precious metal Silver too weakened by Rs 435 to Rs 37,880 per kg due to reduced offtake by consuming industrial units.

Marketmen attributed the slide in gold prices to easing demand from local jewellers and retailers in the domestic spot market, but a firm trend overseas capped the fall.

Globally, gold edged up by 0.06 per cent to USD 1,250.80 an ounce and silver rose 0.45 per cent to USD 14.77 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities declined by Rs 210 each to Rs 31,850 and Rs 31,700 per 10 gram, respectively. The precious metal had gained Rs 60 Tuesday.

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