Gold slips Rs 130 on tepid demand, weak global cues

Gold prices declined by Rs 130 Saturday to close at Rs 32,100 per 10 gm at the bullion market in the national capital on slackened demand from local jewellers amid a subdued trend overseas.

Silver also fell Rs 200 to Rs 37,800 per kg on weak demand from industrial units and coin makers.

Traders said low demand from local jewellers coupled with weak global cues weighed on the yellow metal at the domestic spot market.

Globally, gold traded lower by 0.33 per cent at USD 1,256.20 an ounce and silver slipped 1.02 per cent to USD 14.69 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 130 each to Rs 32,100 and Rs 31,950 per 10 gm, respectively.

However, sovereign gold remained unchanged at Rs 25,000 per piece of 8 grams on little doing.

Silver ready, too, dropped Rs 200 to Rs 37,800 per kg, while weekly-based delivery was down by Rs 238 to Rs 37,494 per kg.

Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.