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Gold prices tumbled by Rs 625 to Rs 31,100 per ten grams here on Monday on sluggish demand at prevailing higher levels amid a weak global trend.
However, silver held steady at Rs 54,300 per kg in scattered buying from industrial units and coin makers.
Traders said sluggish demand at prevailing higher levels amid a weak global trend on speculation Federal Reserve policy makers will reduce monthly debt purchases this month, mainly pulled down gold prices.
Gold in London, which normally set price trend on the domestic front, fell 0.3% to $1,387.24 an ounce and silver by 0.3% to $23.78 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 625 each to Rs 31,100 and Rs 30,900 per ten ten grams, respectively. It had gained Rs 725 in the previous session. Sovereign held steady at Rs 25,200 per piece of eight gram.
On the other hand, silver ready ruled steady at Rs 54,300 per kg while weekly-based delivery shed Rs 35 at Rs 54,895 per kg. Silver coins continued to be asked around previous level of Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.
