Gold falls Rs 360 on subdued demand, weak trend overseas

Gold prices Thursday declined Rs 360 to Rs 33,070 per 10 grams at the bullion market in the national capital on account of tepid demand from local jewellers amid weak global market.

Following gold, silver saw a fall of Rs 520 to Rs 38,980 per kg due to reduced offtake by industrial units and coin makers.

Traders attributed the fall in the gold prices to subdued demand from local jewellers and weak trend overseas.

Besides, strengthening of the rupee put pressure on the yellow metal, they added.

Globally, spot gold traded lower at USD 1,284.77 an ounce and, similarly, silver was down at USD 15.06 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped Rs 360 each to Rs 33,070 and Rs 32,900 per 10 grams, respectively.

However, sovereign gold held steady at Rs 26,400 per 8 gram.

Silver ready fell Rs 520 to Rs 38,980 per kg, while weekly-based delivery declined Rs 507 to Rs 38,202 per kg.

Silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.