Gold slides Rs 150 on muted demand

Gold prices on Thursday fell by Rs 150 to Rs 32,870 per 10 gram in the national capital amid a weak global trend and tepid demand from local jewellers, according to the All India Sarafa Association.

Silver, however, gained Rs 75 to Rs 37,400 per kg on more offtake by industrial units and coin makers. Traders said apart from a weak trend overseas, decline in demand from local jewellers in domestic spot market, mainly weighed on gold prices.

Globally, spot gold was trading lower at USD 1,277.10 an ounce, while silver was down at USD 14.48 an ounce in New York.In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 150 each to Rs 32,870 and Rs 32,700 per 10 gram, respectively.Sovereign gold held steady at Rs 26,500 per eight gram.

In the last two sessions, the precious metal gained Rs 250. Silver ready gained Rs 75 at Rs 37,400 per kg, while weekly-based delivery dropped Rs 88 to Rs 36,095 per kg.

Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.