Gold prices slip on weak global cues, muted demand
Gold is trading at Rs 33,210 per 10 gram at the bullion market, tracking a weak trend overseas.
New Delhi: Gold prices on Wednesday fell by Rs 115 to Rs 33,210 per 10 gram at the bullion market, tracking a weak trend overseas and tepid demand from local jewellers, according to the All India Sarafa Association.
Silver, however, staged a strong recovery of Rs 310 to Rs 40,160 per kg due to increased offtake by industrial units and coin makers.
Traders attributed the decline in gold prices to a weak trend overseas and muted demand from jewellers at the domestic markets.
Globally, gold fell 0.11 per cent to USD 1,284.30 an ounce but silver rose 0.16 per cent to USD 15.43 an ounce in New York.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved down by Rs 115 each to Rs 33,210 and Rs 33,060 per 10 gram, respectively.
The precious metal had gained Rs 125 Tuesday. Sovereign gold, however remained flat at Rs 25,500 per piece of eight gram.
Meanwhile, silver ready bounced back by Rs 310 to Rs 40,160 per kg and weekly-based delivery by Rs 311 to Rs 39,1987 per kg. Silver coins, however, held flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.