Gold slides on muted demand, sluggish trend overseas

Gold prices Thursday declined by Rs 50 to Rs 33,020 per 10 gram in the national capital on tepid demand from local jewellers amid weak trend in the global market, according to the All India Sarafa Association.

Silver too slipped Rs 175 to Rs 38,550 per kg on reduced offtake by industrial units and coin makers.

Traders attributed the fall in the gold prices to subdued demand from local jewellers and weak trend overseas.

In the international market, spot gold was trading lower at USD 1,304.4 an ounce while silver declined to USD 15.22 an ounce in New York.

On Wednesday, the yellow metal had advanced by Rs 90.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 50 each to Rs 33,020 and Rs 32,850 per 10 gram, respectively.

However, sovereign gold held steady at Rs 26,400 per piece of eight gram.

Silver ready slumped by Rs 175 to Rs 38,550 per kg, while weekly-based delivery dropped Rs 183 to Rs 37,560 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.