Gold snaps 4-day rally, silver also slides

New Delhi: Snapping a four-day rally, gold on Friday declined marginally by Rs 40 to Rs 33,030 per 10 gram at the bullion market here on subdued demand from local jewellers, according to All India Sarafa Association.

Silver too slumped by Rs 60 to Rs 40,450 per kg on weak demand from industrial units and coin makers.

Traders said lacklustre demand from local jewellers and weak global cues put pressure on prices of the yellow metal.

Globally, gold held steady at USD 1,294.06 an ounce and silver stood at USD 15.74 an ounce in New York.

The precious metal had risen by Rs 570 in the previous four days.

In the national capital, gold of 99.9 percent and 99.5 percent purities declined by Rs 40 each to Rs 33,030 and Rs 32,880 per 10 gram, respectively.

However, sovereign gold held steady at Rs 25,300 per piece of eight gram.

Silver-ready reduced by Rs 60 to Rs 40,450 per kg, while weekly-based delivery gained Rs 66 to Rs 39,766 per kg.

Silver coins traded lower by Rs 1,000 at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces, respectively.