Gold loses brightness, Rs 425 falls due to mediocre demand; silver slips Rs 690

New Delhi, August 14 () The price of gold fell on Wednesday 425 rupees to 37,945 rupees for 10 grams in the national capital due to the mediocre demand of jewelers despite the gain of precious metals abroad, according to the Association All India Sarafa.

Silver also decreased Rs 690 to Rs 44,310 per kilogram in reducing consumption by industrial units and coin manufacturers.

The reduction in demand for jewelers in the national spot market led to the fall in the price of precious metal, traders said. However, the positive trend abroad limited the decline, they added.

Globally, gold traded higher at USD 1,509.09 an ounce in New York, while silver traded at USD 17.22 an ounce.

In the national capital, gold with a purity of 99.9 percent and 99.5 percent decreased by Rs 425 each to Rs 37,945 and Rs 37,775 per 10 grams, respectively.

Sovereign gold also fell 100 rupees to 28,700 rupees per eight grams.

The ready silver fell from Rs 690 to Rs 44,310 per kilogram, while the weekly delivery price plummeted at Rs 1,050 to Rs 43,230 per kg. Silver coins traded down at Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling 100 pieces. VHP RVK