Traders said enthusiasm for the yellow metal was lacking at the domestic spot marketNew Delhi: Gold prices fell by Rs 170 to Rs 31,480 per 10 grams at the bullion market Friday on global weakness and easing local demand.
Besides, the rupee recovering from its record low of 69.10 (intra-day) to 68.36 today against the dollar also put pressure on the gold prices, traders said.
Finance Minister Piyush Goyal said the rupee's fall didn't need any knee jerk reaction.
The minister also said appropriate steps would be taken after consultations with all stakeholders, taking into account global factors.The rupee on Wednesday ended at record low of 68.79 against the dollar.
Silver remained weak on selling pressure and lost another Rs 200 to Rs 40,6000 per kg owing to lower demand from industrial units and coin makers.Traders said enthusiasm for the yellow metal was lacking at the domestic spot market in line with subdued overseas cues.
Globally, gold fell 0.29 per cent to $1,248 an ounce and silver by 0.22 per cent to $15.98 an ounce in New York yesterday.In Delhi, gold of 99.9 per cent and 99.5 per cent purity softened by Rs 170 each to Rs 31,480 and Rs 31,330 per 10 grams, respectively.
The precious metal had gained Rs 80 in the previous session.Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.
Silver ready fell by Rs 200 to Rs 40,600 per kg and weekly-based delivery by Rs 230 to Rs 39,285 per kg.
Silver coins too slumped by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.