Gold falls below Rs 32,000; silver sheds Rs 1,400

Gold falls below Rs 32,000; silver sheds Rs 1,400 New Delhi: Gold prices fell from a record high to end at Rs 31,910, losing Rs 390, in the bullion market here Friday, while silver declined by Rs 1,400 to Rs 59,700 per kg on profit booking, driven by weak cues from global markets.

The yellow metal had touched an all-time high of Rs 32,300 in yesterday's trade.

In line with a general weak trend, silver coins tumbled by Rs 4,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces on reduced offtake.

Traders said sentiment turned weak after gold tumbled overseas as some investors sold the metal following its rally to the highest level in almost six months.

The prices yesterday had gained one percent to USD 1,709.90 an ounce in London, matching a level last seen on March 13. Today, however, the metal lost 0.3 percent to USD 1,695.47. Silver also shed 1.1 percent to USD 32.27 an ounce.

On the domestic front, the gold of 99.99 and 99.5 percent purity dipped by Rs 390 each to Rs 31,910 and Rs 31,710 per 10 grams, respectively.

Sovereign fell by Rs 150 to Rs 25,100 per piece of eight grams.

Silver ready dropped by Rs 1,400 to Rs 59,700 per kg and weekly-based delivery by Rs 1,575 to Rs 61,770 per kg.

PTI