Gold slides on muted demand, weak global cues

New Delhi: Gold fell by Rs 140 to Rs 32,310 per ten gram at the bullion market owing to tepid demand from local jewellers amid a weak global trend.

Silver also went down by Rs 150 to Rs 41,350 per kg due to reduced offtake by industrial units and coin makers.

Traders said easing demand from local jewellers as well as retailers at domestic spot market fulled the downtrend in gold prices.

This was aided by a weak trend in global markets where gold prices slipped to their lowest level in nearly two weeks as the dollar rose on the back of climbing US Treasury yields and as global political concerns eased.

Globally, gold fell 0.34 percent to USD 1,330.70 an ounce and silver by 0.32 percent to USD 17.03 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity plunged by Rs 140 each to Rs 32,310 and Rs 32,160 per ten gram, respectively. It had gained Rs 60 in Saturday's trade.

Sovereign however remained flat at Rs 24,900 per piece of eight gram.

Following gold, silver ready slipped by Rs 150 to Rs 41,350 per kg and weekly-based delivery by Rs 180 to Rs 40,300 per kg.

However, silver coins were steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.