Gold slides on feeble demand, global cues

A weak global trend and fading demand from local jewellers dragged down gold prices by Rs 90 to Rs 31,950 per 10 gram at the bullion market Friday.

Silver too declined by Rs 200 to Rs 37,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a weak overseas trend, easing demand from local jewellers and retailers weighed on gold prices.

Globally, gold fell 0.29 per cent to USD 1,224.20 an ounce and silver by 1.28 per cent to USD 14.38 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 90 each to Rs 31,950 and Rs 31,800 per 10 gram, respectively. The precious metal had gained Rs 90 Thursday.

Sovereign, however, remained flat at Rs 24,800 per piece of 8 gram in scattered deals.

Silver ready too moved down by Rs 200 to Rs 37,800 per kg and weekly-based delivery by Rs 302 to Rs 36,586 per kg.

Silver coins, however, remained unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.