Gold, silver prices fall on weak global cues, tepid demand

Gold prices fell by Rs 160 to Rs 32,190 per 10 grams at the bullion market during the week on low demand from local jewellers amid weak global cues.

Similarly, silver dropped Rs 100 to Rs 38,400 per kg on subdued demand from industrial units and coin makers.

Traders attributed the fall in the yellow metal to a weak overseas trend and lacklustre demand from local jewellers.

Globally, gold ended lower for the week at USD 1,238.12 per ounce, while silver held steady at USD 14.57 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on a positive note. However, they surrendered the gains to finally end at Rs 32,190 and Rs 32,040 per 10 grams respectively, losing Rs 160 each.

Sovereign gold remained unchanged at Rs 25,000 per piece of 8 grams during the week.

In line with the overall trend, silver ready traded in the red zone and ended at Rs 38,400 per kg, a decrease of Rs 100. Weekly-based delivery dropped Rs 446 to close at Rs 38,054 per kg during the week.

Silver coins stood steady to end at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.