Gold prices fall on muted demand from jewellers; silver firms up

Gold prices Monday declined by Rs 40 to Rs 32,770 per 10 gram in the national capital due to lacklustre demand from local jewellers, according to the All India Sarafa Association.

Silver however, gained Rs 90 to Rs 37,500 per kg on fresh offtake by industrial units and coin makers.

According to traders, fall in demand from local jewellers and retailers at the domestic spot market led to the dip in gold prices but a positive trend overseas capped the fall.

Globally, spot gold was trading higher at USD 1286.60 an ounce, while silver was up at USD 14.66 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 40 each to Rs 32,770 and Rs 32,600 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 26,500 per eight gram.

On Saturday, gold prices had fallen by Rs 60 to Rs 32,810 per 10 gram.

Silver ready Monday rose by Rs 90 at Rs 37,500 per kg, while weekly-based delivery advanced Rs 114 to Rs 36,498 per kg.

On the other hand, silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.