Gold, silver fall on weak overseas trend, profit-booking

Gold and silver prices Thursday slumped in the bullion market here on profit-booking and weak overseas trend with the yellow metal falling Rs 170 to Rs 34,210 per 10 gram.

According to the All India Sarafa Association in the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 170 each to Rs 34,210 and Rs 34,040 per 10 gram, respectively.

Globally, gold was trading lower at USD 1,413.46 an ounce in New York and silver was down at USD 15.26 an ounce.

"Spot gold edged lower from a one week high due to profit-booking and a steady dollar. Traders expect a subdued trading as the key US market closed today on account of Independence Day.

"Meanwhile, traders sought direction from Friday's US employment data for more cues on US Central Bank's stance on interest rate cut," said Hareesh V, Head-Commodity Research, Geojit Financial Services.

Sovereign gold held steady at Rs 26,800 per eight gram.

On Wednesday, gold surged Rs 260 to Rs 34,380 per 10 gram.

In the national capital, silver ready prices declined by Rs 70 to Rs 38,580 per kg, while weekly-based delivery dropped Rs 198 to Rs 37,150 per kg Thursday.

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