Gold slides by Rs 160 on muted demand, weak global trend

Prime News, National and International, Business, New Delhi, May 17:- Gold prices Friday declined by Rs 160 to Rs 33,170 per 10 gram in the national capital due to tepid demand from jewellers amid weak global trend, according to the All India Sarafa Association.

Similarly, silver also slumped Rs 625 to Rs 37,625 per kg on reduced off take by industrial units and coin makers.

Traders said sentiment remained bearish on the back of a weak trend overseas, while easing demand from local jewellers also weighed on bullion prices.

Globally, spot gold was trading lower at USD 1,286.50 an ounce, while silver was down at USD 14.58 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 160 each to Rs 33,170 and Rs 33,000 per 10 gram, respectively. Sovereign gold, however, held steady at Rs 26,500 per 8 gram.

Meanwhile, silver ready dropped by Rs 625 to Rs 37,625 per kg, while weekly-based delivery plunged Rs 702 to Rs 36,822 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces. (Inputs: Agencies, NGB)

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