New Delhi: Gold prices today slipped on sluggish demand from local jewellers despite higher global rates.
Gold prices today dropped by Rs 115 to Rs 32,285 per 10 grams while silver prices also eased by Rs 100 to Rs 41,300 per kg due to reduced offtake by industrial units and coin makers.
Higher prices hurt demand from local jewellers and retailers, traders said.
However, a firm trend overseas capped the fall.
In global markets, spot gold was up 0.2 per cent to $1,320 an ounce, after eking out a small weekly gain last week.
Gold benefited from a subdued dollar after softer economic data last week curbed prospects of aggressive rate hikes in the United States.1.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 115 each to Rs 32,285 and Rs 32,135 per 10 grams, respectively.2.
Sovereign however remained unaltered at Rs 24,800 per piece of eight gram.3.
Silver ready traded lower by Rs 100 to Rs 41,300 per kg and weekly-based delivery by Rs 70 to Rs 40,470 per kg.4.
Silver coins however held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.5.
Domestic demand for gold jewellery is likely to decline by 2-4 per cent this calendar year due to high prices, rating agency Icra had earlier said.
However, in value terms, the demand for gold jewellery is likely to register a growth of 5-7 per cent during the year, the rating agency said in its report."Demand is likely to be affected by 2-4 per cent in 2018.
Prices of the yellow metal have increased steadily in the last three months.
Also, financing to the gems and jewellery sector have been under increased scrutiny in the recent months following reporting of fraud by few lenders on their exposures to the sector," Icra vice-president K Srikumar said.For the latest Election Results Live Updates from Karnataka log on to TheIndianSubcontinent.com.
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