Gold slides on muted demand, sluggish trend overseas

Gold prices declines by ₹50 to ₹33,020 per 10 gm; silver slips ₹175 to ₹38,550 per kg

Gold prices on Thursday declined by ₹50 to ₹33,020 per 10 gram in the national capital on tepid demand from local jewellers amid weak trend in the global market, according to the All India Sarafa Association.

Silver too slipped ₹175 to ₹38,550 per kg on reduced offtake by industrial units and coin makers.

Traders attributed the fall in the gold prices to subdued demand from local jewellers and weak trend overseas.

In the international market, spot gold was trading lower at $1,304.4 an ounce while silver declined to $15.22 an ounce in New York.

On Wednesday, the yellow metal had advanced by ₹90.

In the national capital, gold of 99.9% and 99.5% purity fell by ₹50 each to ₹33,020 and ₹32,850 per 10 gram, respectively.

However, sovereign gold held steady at ₹26,400 per piece of eight gram.

Silver ready slumped by ₹175 to ₹38,550 per kg, while weekly-based delivery dropped ₹183 to ₹37,560 per kg.

On the other hand, silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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