Gold slides Rs 70 on muted demand; silver jumps Rs 660

Silver prices Wednesday surged Rs 660 to Rs 40,190 per kg in the national capital amid increased offtake by industrial units and coin makers even as gold prices dropped by Rs 70 to Rs 35,500 per 10 gram, according to All India Sarafa Association.

Traders attributed the fall in gold prices to low demand from jewellers amid weak global trend.

Globally, spot gold was trading lower at USD 1,402.80 an ounce in New York after the US retail sales data of June showed better than expected rise which pushed dollar upwards thereby putting pressure on precious metal.

Meanwhile silver was quoting higher at USD 15.65 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 70 to Rs 35,500 and Rs 35,330 per 10 gram, respectively.

Sovereign gold held steady at Rs 27,400 per eight gram.

On Tuesday, the precious metal had rose by Rs 100.

Silver ready jumped Rs 660 to Rs 40,190 per kg and weekly-based delivery surged Rs 687 to Rs 39,397 per kg.

Prices of silver coins held flat at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.