Gold prices dip Rs 175 on reduced offtake
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Gold prices fell by Rs 175 to Rs 31,150 per ten grams in the national capital today due to reduced offtake at existing higher levels.
Silver prices also went down by Rs 250 to Rs 59,200 per kg. Traders said reduced offtake by stockists and retailers at prevailing higher levels pulled down both gold and silver prices.
Traders said some investors were seen shifting their funds from bullion to rising equity, which also influenced the sentiment to some extent.
On the domestic front, gold of 99.9 and 99.5 per cent purity dropped by Rs 175 each to Rs 31,150 and Rs 30,950 per ten grams respectively.The metal had climbed Rs 320 yesterday. Sovereign held steady at Rs 25,450 per piece of eight gram.
In line with a general weak trend, silver ready declined by Rs 250 to Rs 59,200 per kg and weekly-based delivery by Rs 190 to Rs 59,370 per kg.
However, silver coins rose by Rs 500 to Rs 81,500 for buying and Rs 82,500 for selling of 100 pieces on account of marriage season demand.