New Delhi, Oct 16 (KNN) Gold prices fell by Rs 70 to Rs 32,180 per 10 gram at the bullion market today due to rise in value of rupee compared to yesterday’s rate, said Ketan Shroff, Spokesperson, Indian Bullion Jewellers Association of India.

Talking to KNN India, he said “Gold prices have fallen down mainly because rupee got appreciated today compared to yesterday rate.”

He said that demand is little slow as prices have gone up but overall sentiments will improve because good festive season is ahead.

The gold prices will go up further more because of the uncertainty and the volatility of the rupee and crude prices, he added.

Adding to it, he said this will take the prices up internationally also and in turn effects will be seen here.

Apart from gold prices, silver followed suit and eased by Rs 50 to Rs 39,700 per kg.

However, media reports quoted that traders attributed the fall to easing demand from local jewellers and retailers following a weak trend overseas. 

Globally, gold fell by 0.07 per cent to USD 1,226.90 an ounce and silver by 0.20 per cent to USD 14.73 an ounce in Singapore.