Gold slips on weak global cues, muted demand

Gold prices Monday fell by Rs 55 to Rs 34,225 per ten gram at the bullion market, tracking a weak trend overseas amid tepid demand from local jewellers, according to All India Sarafa Association.

Silver also followed suit and weakened by Rs 150 to Rs 41,100 per kg owing to reduced offtake by industrial units and coin makers.

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic markets.

Globally, gold fell 0.24 per cent to USD 1,312 an ounce and silver by 0.51 per cent to USD 15.82 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved down by Rs 55 each to Rs 34,225 and Rs 34,075 per ten gram, respectively.

Sovereign gold, however, remained flat at Rs 26,100 per piece of eight gram.

In tandem with gold, silver ready declined by Rs 150 to Rs 41,100 per kg and weekly-based delivery by Rs 118 to Rs 39,987 per kg.

Silver coins however continued to be traded at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.