Gold snaps 4-day rally on subdued demand

Gold is trading at Rs 33,220 per 10 gram at the bullion market in the national capital on sluggish demand from jewellers.

New Delhi: Snapping the four-day rally, gold prices on Friday witnessed a fall of Rs 80 to Rs 33,220 per 10 gram at the bullion market in the national capital on sluggish demand from jewellers, according to the All India Sarafa Association.

Silver, however, advanced by Rs 180 to Rs 40,380 per kg on increased demand from industrial units and coin makers. Traders attributed the decline to subdued demand from local jewellers and weak trend overseas.

Globally, gold traded lower at USD 1,291.89 an ounce and silver stood steady at USD 15.58 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities reduced by Rs 80 each to Rs 33,220 per 10 grams and Rs 33,070 per 10 gram, respectively. In the past four days, gold prices had gone up by Rs 425. Sovereign gold held steady at Rs 25,500 per piece of eight gram.

Silver ready gained by Rs 180 to Rs 40,380 per kg, while weekly-based delivery dropped Rs 110 to Rs 39,580 per kg. Silver coins, however, held flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.