Gold sheds Rs 320 on low demand, silver up

Gold prices Thursday fell by Rs 320 to close at Rs 32,220 per 10 gram at the bullion market here on sluggish demand from local jewellers amid weak global cues.

Silver, however, gained Rs 250 to Rs 38,800 per kg on strong demand from industrial units and coin makers.

Traders said low demand from jewellers and weak global cues exerted pressure on the gold prices.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities fell by Rs 320 each to Rs 32,220 and Rs 32,070 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 25,000 per piece of 8 gram.

Globally, gold traded at USD 1,245.64 an ounce in New York, while silver stood at USD 14.71 an ounce.

Silver ready surged by Rs 250 to Rs 38,800 per kg, while weekly-based delivery was up by Rs 170 to Rs 38,351 per kg.

Besides, silver coins remained unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.