Gold falls by Rs. 40 to Rs. 18,700 per 10 gram

Sovereigns held steady at Rs. 14,700 per piece of eight grams in restricted buying. File photo: K.R. Deepak

Gold prices fell by Rs. 40 to Rs. 18,700 per 10 grams in the national capital Thursday on reduced offtake by retailers at existing higher levels.

However, the price of silver rose by Rs. 100 to Rs. 29,400 per kg on increased offtake by industrial units.

Marketmen said reduced offtake at existing higher levels mainly led to the fall in gold prices, while rates for silver picked up on the back of support from industrial units.

Gold of 99.9 per cent and 99.5 per cent purity fell by Rs. 40 each to Rs. 18,700 and Rs. 18,600 per 10 grams, respectively. The precious metal had gained Rs. 90 in the previous session.

However, sovereigns held steady at Rs. 14,700 per piece of eight grams in restricted buying.

On the other hand, silver ready strengthened further by Rs. 100 to Rs. 29,400 per kg on increased buying by industrial units, while weekly-based delivery gained Rs. 75 to Rs. 29,155 per kg.

Silver coins were also being traded higher higher by Rs. 100 at Rs. 34,400 for buying and Rs. 34,500 for selling of 100 pieces.