If you are looking to buy gold this festive season, then, this is the time to make an investment in it as the prices of gold dipped by Rs 225 to Rs 30,375 per ten gram at the bullion market on Thursday (October 5), due to low demand from local jewelers. This dip is demand comes at a time when the metal has strengthened overseas.
Following the suit, silver also dropped by Rs 450 to Rs 40,000 per kg due to reduced consumption by industrial units and coin makers.
As per a PTI report, traders said that the fall in demand from local jewellers and retailers at the spot market mainly weighed on gold prices but a firm trend overseas capped the slide.
Meanwhile, gold rose 0.06 per cent to $ 1,275.40 an ounce and silver by 0.24 per cent to $ 16.61 an ounce in Singapore.While coming to Delhi, gold of 99.9 per cent and 99.5 per cent purity went down by Rs 225 each to Rs 30,375 and Rs 30,225 per ten gram, respectively.
The dip in prices of gold led to a domino effect due to which silver slumped by Rs 450 to Rs 40,000 per kg. Silver coins, however, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.