Gold prices fell by Rs. 200 to Rs. 31,400 per 10 gram at the bullion market on Friday, reported news agency Press Trust of India (PTI). The dip in gold prices is due to weak demand from jewellers and retailers even as the metal strengthened overseas. Silver also followed suit and fell by Rs. 250 to Rs. 37,650 per kg due to reduced offtake by industrial units and coin makers. According to analysts, muted demand from local jewellers and retailers at the domestic spot markets mainly kept pressure on the precious metal, but a firm trend overseas capped the fall.