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Gold Price slides Rs. 390 to closes below Rs. 32,000

A day after rising for about Rs. 330, the gold price was not able to par all its gains but also 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 set back in demand from local jewellers at prevailing levels.

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

Gold prices fell about 1.77 per cent to $1,278.90 for an ounce and silver by 3.44 per cent to $16.54 for 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 managed to gain 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, managed to remain unaltered at Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces in scattered deals.

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