Gold flat; silver slides on weak demand

Gold prices were ruling flat at Rs 34,175 per 10 gram, while silver dropped by Rs 570 to Rs 40,930 per kg in the national capital on Friday, according to All India Sarafa Association.

Traders said gold prices fell slightly by Rs 5 on weak demand, but a firm global trend overseas capped the fall.

Globally, gold traded higher at USD 1,309.24 an ounce, while silver held steady at USD 15.63 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped by Rs 5 each to Rs 34,175 and Rs 34,025 per 10 gram, respectively.

However, sovereign gold held steady at Rs 26,100 per piece of eight gram.

Silver ready slumped by Rs 570 to Rs 40,930 per kg, while weekly-based delivery lost Rs 571 to Rs 39,829 per kg.

On other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.