Good news: Gold price reduced

New Delhi, June 02: Here is good news for gold lovers, as Gold prices declined by Rs.300 to Rs.31,600 per ten grams, extending their slide for the third straight day at the bullion market on Saturday.

Globally, gold fell 0.37% to $1,293.10 an ounce and silver 0.06% to $16.38 an ounce in New York in yesterday's trade.

Besides, fading demand from local jewelers and retailers at domestic spot market too fuelled the downtrend, they said.

In the national capital, gold of 99.9% and 99.5% purity slumped further by Rs300 each to Rs31,600 and Rs 31,450 per ten grams, respectively. The precious metal had lost Rs190 in last two days. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

In sync with gold, silver ready declined by Rs100 to Rs40,500 per kg and weekly-based delivery by Rs145 to Rs39,535 per kg.

On the other hand, silver coins continued to be traded at the previous level of Rs76,000 for buying and Rs 77,000 for selling of 100 pieces.