Gold prices fall Rs 150 on weak global cues, muted demand

Gold prices drifted lower by Rs 150 to Rs 32,630 per 10 grams Friday, breaking its three-day rising spell, amid weakening global trend and fading demand from the local jewellers.

Silver, however, recovered by Rs 310 to Rs 39,500 per kg backed by increased offtake by coin makers.

Bullion traders said sentiment turned somewhat weak largely in tandem with a subdued trend overseas.

Besides, buyers postponing purchases at the domestic spot markets ahead of 'Dhanteras' next week also weighed on the gold prices, they said.

Globally, gold fell by 0.03 per cent to USD 1,233.50 an ounce and silver by 0.03 per cent to USD 14.82 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 150 each to Rs 32,630 and Rs 32,480 per 10 grams respectively. The precious metal had gained Rs 230 in the last three days.

Sovereign gold, however, remained flat at Rs 24,900 per piece of 8 gram.

On the other side, silver ready rebounded by Rs 310 to Rs 39,500 per kg and weekly-based delivery by Rs 418 to Rs 38,546 per kg.

Silver coins, however, were unaltered at 76,000 for buying and Rs 77,000 for selling of 100 pieces.