Gold prices fell by Rs 360 to Rs 33370 per 10 grams on Tuesday in the Delhi bullion market amidst sluggish demand from local jewelers and a weak trend overseas.
According to the All India Organization of Organizations, silver also fell by Rs 290 to Rs 37,560 per kilogram due to the fall in the profit from industrial units and coin makers.
Marketmen said gold prices declined due to the fall in demand for local jewelery traders and a weak trend overseas. After the US threatened to impose a fee on Mexico, the fear of a global business war may have fallen on that front.
This has affected the demand for gold as a safe option for investment. This was seen as a fall in gold spot prices in New York. Gold fell to $ 1,322.70 per ounce Meanwhile, silver also fell to $ 14.74 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 360 each to Rs 33,370 and Rs 33,200 per ten gram respectively. Guinea (8 grams) remained at the last level of 26,700 rupees.
Silver, however, declined by Rs 290 to Rs 37,560 per kg, while silver weekly-based delivery went down by Rs 72 to Rs 36,655 per kilogram. On the other hand, silver coins remained steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.