Golds price dips below Rs 32,000 on global cues, silver cracks 41,000-mark

Gold prices in India dipped below the Rs 32,000-mark, slipping Rs 405 to Rs 31,965 per ten gram at the bullion market on Monday amid a weak trend overseas and slump in demand from local jewellers.

Silver followed suit and cracked Rs 41,000-mark by falling Rs 370 to Rs 40,830 per kg.

Investors sentiment took a hit tracking weak trend overseas, traders told to PTI.

Besides, an appreciating rupee against the US dollar made the imports cheaper, they added. Fall in demand from local jewellers at domestic spot market also had an impact on the prices.

Globally, gold fell 0.38 per cent to $1,296.20 an ounce and silver by 0.36 per cent to $16.51 an ounce in Singapore.

Gold prices in New Delhi slumped by Rs 405 each to Rs 31,965 for gold of 99.9 purity and Rs 31,815 per ten gram for 99.5 per cent purity. It had lost Rs 105 on Saturday.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight gram.

WATCH ZEE BUSINESS VIDEO HERE

Silver ready also declined by Rs 370 to Rs 40,830 per kg, while weekly-based delivery traded lower by Rs 350 to Rs 39,915 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.