Gold slips Rs 70 to Rs 34,000 per 10 gram on muted demand

Snapping its upward trend, gold prices on Thursday declined by Rs 70 to Rs 34,000 per 10 gram at the bullion market here on subdued demand from jewellers, according to All India Sarafa Association. Silver, however, advanced by Rs 20 to Rs 41,350 per kg on increased offtake by industrial units and coin makers.

Traders said, subdued demand from local jewellers put pressure on the prices of the yellow metal but a firm trend overseas helped in reducing the decline.

Globally, gold rose to USD 1,318.86 an ounce and silver rose to USD 16.02 an ounce in New York. In previous three days, gold prices had increased by Rs 770. In the national capital, gold of 99.9 per cent and 99.5 per cent purities reduced by Rs 70 each to Rs 34,000 and Rs 33,850 per 10 gram, respectively.

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However, sovereign gold held steady at Rs 25,900 per piece of eight gram. Silver ready rose by Rs 20 to Rs 41,350 per kg and weekly-based delivery declined by 44 to Rs 40,390 per kg.

On the other side, silver coins continued to be traded at previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.