Gold prices fall by Rs.7/gram

Chennai: Gold prices on Monday slipped down to Rs.2,370/gram while the demand for the yellow metal has picked up.

"Gold prices has come down to Rs.2,370/gram (22 carat) from Saturday's rate of Rs.2,377/gram. However demand for gold coins has gone up," N. Anantha Padmanabhan, managing director, NAC Jeweller told IANS.

Gold coins account for nearly 30-35 percent of the sales, he said.

As to the sales of jewellery, bangles and chains are the moving items.

Speaking about the silver prices Padmanabhan said it is at Rs.36.10/gram down from July.

The fall in gold prices has its effect on silver.

According to him, gold prices may not be volatile in the coming weeks, and expected to be steady as there is good retail demand.