Gold prices on Wednesday dropped by ₹210 to ₹34,470 per 10 gram at the bullion market in the national capital due to tepid demand from jewellers, according to the All India Sarafa Association.
Silver rates, however, surged by ₹450 to ₹41,800 per kg on increased offtake by industrial units and coin makers.
The prices of gold in the global market were also tad higher at $1,341.48 an ounce as against Tuesday’s $1,323.80 an ounce. Silver prices too moved up to $16.00 an ounce in New York.
In the national capital, gold of 99.9% and 99.5% purity declined by ₹210 each to ₹34,470 and ₹34,320 per 10 gram, respectively.
Sovereign gold continued to rule flat at ₹26,400 per piece of 8 gram.
Traders attributed the subdued trend in the precious metal to lacklustre demand from local jewellers. But, a firming trend overseas limited the fall in prices to some extent.
Silver ready advanced by ₹450 to ₹41,800 per kg and and the weekly-based delivery rose by ₹374 to ₹40,551 per kg.
Silver coins continued to be traded at ₹82,000 for buying and ₹83,000 for selling of 100 pieces.