The gold for December delivery on the Multi Commodity Exchange (MCX) was 0.51 percent lower at 31,125 rupees per 10 grams. The price touched a low of 31,118 rupees, which is the lowest since September 8, as it followed international markets. Dealers said that the price fell to down to $1,740 an ounce in the market.
The festival season has just begun in India, which is the largest buyer of the shiny metal in the world. The festival will peak with Diwali and Dhanteras during the next month and the demand for gold is expected to remain high. The wedding season will also push demand for the commodity from sky high prices kept buyers away from the market.
A weak Indian rupee reduced the downside in prices of gold. The valuation of the rupee is an important factor in determining landed cost of the metal that is quoted in US dollars.
Meanwhile, Silver prices also fell following the fall in gold prices. Silver for December delivery on the MCX fell 0.76 percent to 60,731 rupees per kg.
Source: http://www.topnews.in/gold-prices-fall-31125-rupees-10-grams-india-2366140
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