Gold adds more losses, slips below Rs 32,000-mark

New Delhi: Gold prices fell Rs 100 to reach Rs 31,900 per 10 grams at the bullion market on Friday owing to slackened demand from local jewellers amid weak global cues.

Silver followed suit and cracked below the Rs 41,000-mark by plunging Rs 450 to Rs 40,600 per kg due to reduced offtake by industrial units and coin makers.

Traders said muted demand from local jewellers as well as retailers at the domestic spot market and a weak trend overseas mainly kept gold prices down for the second day. Globally, gold fell 0.23 per cent to USD 1,297.30 an ounce and silver 0.58 per cent at USD 16.39 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 another Rs 100 each to Rs 31,900 and Rs 31,750 per 10 grams respectively. The yellow metal had lost Rs 90 yesterday.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. Following gold, silver ready dropped by Rs 450 to Rs 40,600 per kg and weekly-based delivery shed Rs 445 to Rs 39,680 per kg. On the other hand, silver coins maintained a steady trend at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.