The fall continued for the third day in the national capital as gold of 99.9 per cent and 99.5 per cent purity fell by Rs 1,000 to Rs 70,650 per 10 grams, respectively, and Rs. 70,300 per 10 grams.
The price of silver also fell by Rs 3,500 to Rs 84,000 per kg. It closed at Rs 87,500 per kg in the last trading session.
The precious metal has fallen by Rs 5,000 per 10 grams in the last three trading sessions since July 23. On July 23, it fell by Rs 3,350 to Rs. 72,300 per 10 grams, the biggest decline this year.
The government on Tuesday decided to reduce customs duty on several products including gold and silver. Customs duty on gold and silver has been reduced from 15 percent to six percent. Traders said continued selling by local jewelers amid a weak trend in international markets helped lower gold prices.
In the international market, the price of gold on Comex fell by $42.20 per ounce to $2,421.80 per ounce. Apart from this, silver also closed at $28.04 per ounce in New York.
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