Gold prices tumble by Rs 650 on low demand from local jewellers

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Gold prices plunged by Rs 650 to Rs 31,300 per ten grams at the bullion market on Friday on considerable fall in demand from local jewellers and retailers at prevailing higher levels.

Silver followed suit and lost Rs 600 at Rs 39,150 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said gold prices sank on lacklustre demand from local jewellers and retailers at domestic spot market.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 650 each to Rs 31,300 and Rs 31,150 per ten grams, respectively.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

In line with gold prices, silver ready drifted lower by Rs 600 to Rs 39,150 per kg and weekly-based delivery by Rs 660 to Rs 38,320 per kg.

Silver coins, however, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.