Gold declines by Rs 160, silver by Rs 625 as demand from jewellers slumps

Declined global trends have resulted in the price fall; sovereign gold however remained steady

Gold prices on Friday declined by Rs 160 to Rs 33,170 per 10 gram in the national capital due to tepid demand from jewellers amid weak global trends, according to the All India Sarafa Association.

Similarly, silver also slumped by Rs 625 to Rs 37,625 per kg on reduced offtake by industrial units and coin makers.

Traders said the sentiment remained bearish on the back of a weak trend overseas, while easing demand from local jewellers also weighed on bullion prices.

Globally, spot gold was trading lower at $1,286.50 an ounce, while silver was down at $14.58 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 160 each to Rs 33,170 and Rs 33,000 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 26,500 per eight gram.

Meanwhile, silver ready dropped by Rs 625 to Rs 37,625 per kg, while weekly-based delivery plunged Rs 702 to Rs 36,822 per kg.

On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.