Gold slips further, down Rs 150 as demand softens

Gold prices declined by Rs 150 to Rs 32,030 per 10 grams Wednesday, registering a dip for the second consecutive day, reflecting sluggish global trend and considerable fall in domestic demand.

Silver followed suit and went down further by Rs 220 to Rs 39,480 per kg on reduced offtake by industrial units and coin makers.

Traders said, sentiment was downbeat, largely owing to a weak global trend as the dollar surged overseas eroding the yellow metals' appeal as a safe-haven asset.

Moreover, fall in demand from local jewellers and retailers at the domestic spot markets also dragged the precious metal.

Globally, gold fell 0.15 per cent to USD 1,223.70 an ounce and silver by 0.14 per cent to USD to 14.71 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 150 and Rs 140 to Rs 32,030 and Rs 31,880 per ten grams, respectively.

Sovereign gold, however, continued at Rs 24,700 per piece of eight gram in limited deals.

In sync with gold, silver ready too dropped further by Rs 220 to Rs 39,480 per kg and weekly-based delivery by Rs 240 to Rs 38,860 per kg.

Silver coins, however, maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.