Gold slides on sluggish demand, silver firms up

Gold prices on Wednesday fell by Rs 75 to Rs 32,870 per 10 gram at the bullion market here due to sluggish demand from jewellers amid weak trend overseas, according to the All India Sarafa Association.

Silver however gained Rs 25 to Rs 38,525 per kg due to fresh offtake by industrial units and coin makers.

Traders said besides tepid demand from local jewellers, a weak trend overseas influenced sentiment here, leading to decline in gold prices.    

Globally, spot gold was trading lower at USD 1,282.10 an ounce, while silver was down at USD 14.99 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 75 each to Rs 32,870 and Rs 32,700 per 10 gram, respectively.

Sovereign gold held steady at Rs 26,400 per eight gram.

Silver ready advanced by Rs 25 to Rs 38,525 per kg and weekly-based delivery slumped by Rs 149 to Rs 37,073 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.