Extending losses for a second straight session, gold prices on Wednesday fell by Rs 200 to Rs 31,680 per 10g due to poor demand at higher levels, amid overnight losses in the global markets. Silver followed suit and lost Rs 965 to Rs 61,435 a kg, owing to reduced offtake by industrial units and coin makers. Traders said poor demand at prevailing higher levels and a weakening trend in markets abroad mainly influenced gold prices.
Gold in New York, which normally sets the price trend on the domestic front, dropped by $19.20 to $1,696.80 and silver by 2.23 per cent to $32.91 an ounce. Reduced offtake by industrial units and coin makers kept pressure on silver prices, they said.
