Gold Prices Slide Rs 390 To Close Below Rs 32,000 On Global Cues

A day after rising for Rs 330, gold prices not pared all gains but fell lower than the previous level. Gold prices on Saturday slid below the Rs 32,000-mark as they fell Rs 390 to close at Rs 31,800 per ten grams on weak trend globally. The fall in gold prices is also attributed to a slump in demand from local jewellers at prevailing levels.

Silver prices also cracked below the Rs 42,000-mark as they lost Rs 1,050 to Rs 41,350 per kg. Traders said sentiment was downbeat as the precious metal fell sharply in global markets as speculators liquidated long positions despite fresh trade war worries between the US and China.

Gold prices fell 1.77 per cent to $1,278.90 an ounce and silver by 3.44 per cent to $16.54 an ounce in New York in Friday's trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell steeply by Rs 390 each to Rs 31,800 and Rs 31,650 per 10 grams, respectively.

It had gained Rs 330 in Friday's trade. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams. Following gold, silver ready dropped by Rs 1,050 to Rs 41,350 per kg and weekly-based delivery by Rs 1,295 to Rs 40,200 per kg. Silver coins, on the other side, were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in scattered deals.