Gold sheds Rs 190 on tepid demand, weak global cues

Gold tumbled by Rs 190 to Rs 32,210 per ten gram on a weak overseas trend and falling demand from local jewellers.

Silver too faced selling pressure and lost Rs 100 to Rs 40,450 per kg.

Traders said a weak trend overseas where a higher dollar against a basket of currencies dented safe haven appeal of gold, dampened the sentiment here.

Globally, gold fell 0.48 per cent to USD 1,316.30 an ounce in New York yesterday. Silver too slipped by 0.27 per cent to USD 16.47 an ounce.

Besides, a considerable drop in demand from jewellers and retailers at existing levels too hit the sentiment, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 190 each to Rs 32,210 and Rs 32,060 per ten gram, respectively. It had shed Rs 50 yesterday.

Sovereign however traded flat at Rs 24,800 per piece of eight gram in scattered deals.

In sync with overall trend, silver ready moved down by Rs 100 to Rs 40,450 per kg and weekly-based delivery by Rs 220 to Rs 39,205 per kg.

Silver coins however traded at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.