Gold slides on subdued demand, silver jumps Rs 525

Gold prices Thursday declined slightly by Rs 50 to Rs 32,450 per 10 gm at the bullion market in the national capital, due to weak trend overseas.

Silver, however, witnessed a jump of Rs 525 to Rs 38,650 per kg on increased buying by industrial units and coin makers.

Traders said weak trend overseas and lacklustre demand from local jewellers put pressure on the yellow metal in the domestic market.

Globally, gold traded lower by 0.33 per cent at USD 1,268.98 an ounce, while silver was up by 1.07 per cent at USD 15.01 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities lost Rs 50 each to Rs 32,450 and Rs 32,300 per 10 gm, respectively.

Sovereign gold rose by Rs 100 to Rs 25,100 per piece of eight gram.

Silver ready gained Rs 525 to Rs 38,650 per kg, while weekly-based delivery declined by Rs 478 to Rs 37,203 per kg.

Silver coins moved up by Rs 1,000 and stood at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.