Gold slides by Rs 50 to Rs 32,670 on tepid demand, weak overseas trend

Mumbai-India (May 21)  Gold prices on Tuesday declined by Rs 50 to Rs 32,670 per 10 gram in the national capital on fall in demand from local jewellers in tandem with a weak trend overseas, according to the All India Sarafa Association.

Silver however stood steady at Monday’s level of Rs 37,350 a kg. Traders said gold dropped due to a weak overseas trend and decline in local demand. Globally, spot gold was trading lower at $ 1,276.10 an ounce, while silver was down at $ 14.49 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 50 each to Rs 32,670 and Rs 32,500 per 10 gram, respectively. Sovereign gold, however, held steady at Rs 26,500 per eight gram.

Silver ready held steady at Rs 37,350 ar kg, while weekly-based delivery gained Rs 90 to Rs 36,251 a kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

BusinessLine

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