Gold price falls to Rs 32,130; silver plunges by Rs 250/kg

New Delhi (May 2)  Gold prices drifted lower by Rs 70 to Rs 32,130 per 10 grams at the bullion market today, driven by a weak trend overseas and easing demand from local jewellers. Silver also fell Rs 250 to Rs 40,250 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides a weak trend overseas on the back of a firm US dollar, sluggish demand from local jewellers and retailers at the domestic spot market weighed on gold and silver prices.

Globally, gold fell 0.86 per cent to $1,303.60 an ounce and silver by 0.95 per cent to $16.14 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 70 each to Rs 32,130 and Rs 31,980 per 10 grams, respectively. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

Following gold, silver ready traded lower by Rs 250 to Rs 40,250 per kg, while weekly-based delivery edged up by Rs 80 to Rs 38,720 per kg. Silver coins dropped by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

BusinessLine

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