Silver also fell Rs 1,700 to Rs 85,500 per kg due to reduced demand from industrial units and coin makers, according to the All India Sarafa Association.
Meanwhile, gold with 99.5 per cent purity also fell by Rs 250 to Rs 73,750 per 10 grams.
Traders attributed the fall in gold prices to weak demand from local jewellers and warehousemen.
Globally, gold on Comex was trading higher at US Dollar $2,531.10 an ounce. “Gold prices had edged up to $2,564 an ounce, boosted by a weaker dollar and safe-haven demand amid rising geopolitical tensions in the Middle East,” said Kaynat Chainwala, assistant vice president, commodity research, Kotak Securities. Moreover, strong consumer spending, declining inflation and better US GDP growth dampened expectations for more aggressive easing by the Federal Reserve, Chainwala added. In Asian trading hours, silver prices fell 0.52 per cent to $28.99 an ounce.
Concentration during the week willpower be in the manufacturing/services PMI data for all regions and in the US nonfarm payroll. unemployment Data will be released on Friday that will provide insight into the economic strength of the U.S. economy, said Pranav Mer, vice president of EBG – Commodity and Currency Research at JM Financial Services Ltd.
According to Prathamesh Mallya, Assistant Vice President, Non-Agricultural Commodities and FX Research at Angel One, demand for gold in key markets like India is expected to pick up in the coming months, limiting the fall in gold prices.
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