Gold slips below Rs 32,000 on low demand, global cues

Fall in demand from local jewellers and retailers at the domestic spot market, a weak trend overseas on a firmer dollar, while investors focused on the US jobs data due later in the day for fresh catalysts, kept pressure on gold prices.

Gold prices fell by Rs 20 to Rs 31,980 per 10 grams at the bullion market on Friday, due to easing demand from local jewellers along with subdued global cues, extending its fall for the third straight day.

However, silver recovered by Rs 100 to Rs 40,300 per kg on scattered enquiries from industrial units.

Traders said, besides the fall in demand from local jewellers and retailers at the domestic spot market, a weak trend overseas on a firmer dollar, while investors focused on the US jobs data due later in the day for fresh catalysts, kept pressure on gold prices.

Gold prices fell 0.12% to $1,310 an ounce (28.34 grams), and silver by 0.15% to $16.37 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell further by Rs 20 each to Rs 31,980 and Rs 31,830 per 10 grams, respectively. It had lost Rs 200 in the last two days.

Sovereign gold, however, remained unaltered at Rs 24,700 per piece of eight grams.

On the other hand, silver ready recovered by Rs 100 to Rs 40,300 per kg and weekly-based delivery recaptured the Rs 39,000-mark by rising Rs 150 to Rs 39,065 per kg.

Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in limited deals.