New Delhi: Gold prices dipped below the Rs32,000-mark, falling Rs100 to Rs31,950 per 10 grams at the bullion market on Friday amid a weak trend overseas and fall in demand from local jewellers. Silver prices followed suit and cracked below the Rs41,000-mark by plunging Rs650 to Rs40,450 per kg.
Sentiment dampened largely in line with a weak trend overseas amid slump in demand from local jewellers and retailers at prevailing higher levels at domestic spot market, traders said. Besides, an appreciating rupee against the US dollar made the imports cheaper, weighed on the prices, they said.
Globally, gold rate fell 0.22% to $1,296.10 an ounce an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs100 each to Rs31,950 and Rs31,800 per 10 gram, respectively. It had gained Rs450 in the previous four sessions. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.
Silver ready also drifted down by Rs650 to Rs40,450 per kg, while weekly-based delivery advanced by Rs125 to Rs40,535 per kg on speculative buying. Silver coins, however, continued to be traded at the previous level of Rs76,000 for buying and Rs77,000 for selling of 100 pieces.