The prices of gold fell by Rs 20 to Rs 31,540 per 10 gram at the bullion market on Thursday on weak demand from jewellers amid strengthening rupee.
The prices of gold fell by Rs 20 to Rs 31,540 per 10 gram at the bullion market on Thursday on weak demand from jewellers amid strengthening rupee. The demand of yellow metal remained muted for the second day in a row as silver rebounded by Rs 60 to Rs 37,160 per kg on weak demand from the industrial units amid better global cues.
Despite falling demand in the local market, a firm trend overseas capped the fall. The domestic currency surged 74 paise to breach the 70 per dollar mark and touched 69.88, a three-month high level, in intra-day trade in the forex market Thursday.
The gold of 99.9 percent and 99.5 percent purity plunged further by Rs 20 each to Rs 31,540 and Rs 31,390 per 10 gram, respectively, in Delhi today.
In the international market, gold surged 0.36 percent to $1,225.10 an ounce, while silver moved up 0.32 percent to $14.33 an ounce, in Singapore.
Meanwhile, the government would soon bring out an integrated gold policy and set up a domestic gold council to promote growth in the sector, Commerce Minister Suresh Prabhu said last Friday. Prabhu also said the government is also looking at the industry’s demand for cutting import duty on gold to four per cent from the current 10 per cent.