Mumbai:- Gold fell today after a two-session surge at the domestic bullion market here following reduced demand from stockists and investors mainly driven by a turnaround in international markets.
Silver dipped further to revisit the Rs 45,000-level on heavy speculative selling and subdued industrial demand.
Standard gold (99.5 purity) dropped by Rs 110 to end at Rs 31,460 per 10 grams from last Friday’s closing level of Rs 31,570.
Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 31,610 per 10 grams as compared to Rs 31,720 previously.
Silver (.999 fineness) slumped by Rs 905 per kg to close at Rs 45,625 as against Rs 46,530 earlier.
The level has not been seen since March 21, 2014.
On the global front, gold fell to a two-week low as upbeat comments from Federal Reserve officials on the US economy boosted expectations that the central bank could lift interest rates sooner rather than later.
In London, spot gold was down 0.4 per cent at USD 1,335.97 an ounce in early trade.
Silver hit a seven-week low of USD 18.77 an ounce and was later down 1.7 percent at USD 18.95.
PTI
