Gold prices down by Rs. 170 to Rs. 31,680 per ten grams

Gold fell by Rs. 170 to Rs. 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.

On the other hand, Silver lost Rs. 200 to Rs. 47,300 per kg on reduced off-take by jewellers and industrial units.

Traders said stockists selling on the back of sluggish demand at prevailing higher levels mainly kept pressure on precious metals.

They said weakening global trend, as a rally in stock markets curbed demand for the metal as an alternate investment, further influenced the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.4 per cent to USD 1,284.73 an ounce and Silver by 0.6 per cent to USD 20.67 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 170 each to Rs. 31,680 and Rs. 31,480 per ten grams, respectively.

Sovereign, however, held steady at Rs. 25,300 per piece of eight gram.

In line with a general weak trend, silver ready declined by Rs. 200 to Rs. 47,300 per kg and weekly-based delivery by Rs. 150 to Rs. 46,590 per kg, while its coins held steady at Rs. 86,000 for buying and Rs. 87,000 for selling of 100 pieces.