Gold slips below Rs 32,000 on global cues, plunges Rs 405

New Delhi: Gold prices dipped below the Rs 32,000-mark, tumbling Rs 405 to Rs 31,965 per ten gram at the bullion market on Monday amid a weak trend overseas and slump in demand from local jewellers.

Silver followed suit and cracked Rs 41,000-mark by falling Rs 370 to Rs 40,830 per kg. Investors sentiment dampened largely on weak trend overseas, traders said. Besides, an appreciating rupee against the US dollar made the imports cheaper, they said.

Fall in demand from local jewellers at domestic spot market also weighed on the prices, they added. Globally, gold fell 0.38 per cent to USD 1,296.20 an ounce and silver by 0.36 per cent to USD 16.51 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 405 each to Rs 31,965 and Rs 31,815 per ten gram respectively.

It had lost Rs 105 on Saturday. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight gram. Silver ready also declined by Rs 370 to Rs 40,830 per kg, while weekly-based delivery traded lower by Rs 350 to Rs 39,915 per kg. Silver coins, however, continued to be traded at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.