Gold dips below Rs 32,000 amid weak local demand, global cues

Gold prices went down by Rs 240 to 31,780 per ten grams at the bullion market today owing to slackened demand from local jewellers along with subdued global cues.

However, silver recovered by Rs 100 to Rs 40,750 per kg on scattered enquiries from industrial units and coin makers.

Traders said, besides fall in demand from local jewellers and retailers at the domestic spot market, a weak trend overseas, kept the pressure on the prices of gold.

Gold prices fell 0.16 per cent to USD 1,288.10 an ounce and silver by 0.09 per cent to USD 16.34 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 240 each to Rs 31,780 and Rs 31,630 per ten grams, respectively. It had lost Rs 430 in yesterday's trade.

Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight grams.

On the other hand, silver ready recovered by Rs 100 to Rs 40,750 per kg and weekly-based delivery by Rs 20 to Rs 39,870 per kg.

Silver coins, however, continued to be traded at previous levels of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces in limited deals.