Gold slips on easing demand from jewellers

New Delhi: Reversing its three-day rising streak, gold on Friday softened by Rs 35 to Rs 32,590 per 10 gram on sluggish demand from local jewellers even as overseas trend firmed up.

Silver also weakened by Rs 100 to Rs 39,500 per kg due to reduced offtake by industrial units and coin makers. Bullion traders said fading demand from local jewellers and retailers at existing higher levels led to decline in gold prices, though a firm trend overseas limited the fall.

Globally, gold rose 0.27 per cent to USD 1,235.90 an ounce and silver by 0.10 per cent to USD 14.73 an ounce in Singapore. In the national capital, gold of 99.99 per cent and 99.5 per cent purity fell by Rs 35 each to Rs 32,590 and Rs 32,440 per 10 gram, respectively.

Sovereign, however, continued to be traded at Rs 24,800 per piece of eight gram. In line with gold, silver ready traded lower by Rs 100 to Rs 39,500 per kg and weekly-based delivery by Rs 230 to Rs 38,760 per kg. Silver coins too fell by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.