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Gold on the Mumbai spot market falls by 1.3% to Rs 30,680 per 10 grams on just before Diwali as gold is down on the international market.
On the international market gold is down by $1325 per ounce, down by $12.70. Since Monday, gold prices have fallen by 4%. On Monday gold was quoted at Rs 31,945 per 10 grams.
Gold on the international market is down due to money going into equity markets as they are trading higher.
Premiums of gold on the Mumbai spot market have fallen in the last week on the back of weak demand for the yellow metal. Last week the premium on gold was at an all time high of $130 per ounce and has now fallen to $65-$70 per ounce.
Silver on the Mumbai spot market has also fallen by 1% below Rs 50,000 to Rs 49,985 per kg as it is tracking the movement of gold.
