Gold slips below Rs 32,000 on global cues

Gold prices dipped below the Rs 32,000-mark, tumbling Rs 390 to Rs 31,800 per ten grams at the bullion market today amid a weak trend overseas and slump in demand from local jewellers at prevailing levels.

Silver also cracked below the Rs 42,000-mark by falling Rs 1,050 to Rs 41,350 per kg.

Traders said sentiment was downbeat as the precious metal fell sharply in global markets as speculators liquidated long positions despite fresh trade war worries between the US and China.

Gold prices fell 1.77 per cent to USD 1,278.90 an ounce and silver by 3.44 per cent to USD 16.54 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell steeply by Rs 390 each to Rs 31,800 and Rs 31,650 per 10 grams, respectively. It had gained Rs 330 in yesterday's trade.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

Following gold, silver ready dropped by Rs 1,050 to Rs 41,350 per kg and weekly-based delivery by Rs 1,295 to Rs 40,200 per kg.

Silver coins, on the other side, were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in scattered deals.