Gold slips on fall in demand, global cues

New Delhi: Gold prices drifted lower by Rs 70 to Rs 31,750 per 10 grams at the bullion market here on Saturday owing to easing demand from local jewellers at prevailing levels amid a weak trend overseas.

However, silver rebounded by Rs 370 to Rs 39,750 per kg following increased offtake by industrial units and coin makers.

Bullion traders said slackness in demand from local jewellers and retailers at current levels along with a weak trend overseas, mainly weighed on gold prices.

Globally, gold fell 0.50 per cent to USD 1,346.50 an ounce in New York on Friday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 70 to Rs 31,750 and Rs 31,600 per 10 grams, respectively. The precious metal had gained Rs 520 in the previous two days.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams. On the other hand, silver ready recovered by Rs 370 to Rs 39,750 and weekly-based delivery rose by Rs 25 to Rs 38,665 per kg.

Silver coins also spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.