Gold prices dropped ₹100 to ₹35,780 per 10 gram in the bullion market in New Delhi on July 31 due to lacklustre demand from jewellers even as the precious metal remained flat overseas, according to the All India Sarafa Association.
Silver, however, gained ₹70 to ₹42,120 per kg on increased offtake by industrial units and coin makers.
The decline in demand from local jewellers at the domestic spot market led to the dip in gold prices though the yellow metal remained flat in overseas market, traders said.
Globally, gold was trading almost flat at $1,430.70 an ounce in New York as investors awaited the outcome of U.S. Federal Reserve’s meeting on July 31.
The U.S. Fed is expected to cut its benchmark interest rate for the first time in a decade.
Meanwhile, silver was quoting lower at $16.54 an ounce.
In the national capital, gold of 99.9% and 99.5% purity fell ₹100 each to ₹35,780 per 10 gram and ₹35,610 per 10 gram, respectively.
Sovereign gold held steady at ₹27,500 per eight gram.
Silver ready gained ₹70 to ₹42,120 per kg, while weekly-based delivery rose ₹195 to ₹41,434 per kg.
Price of silver coins held flat at ₹85,000 for buying and ₹86,000 for selling of 100 pieces.
