Gold snaps 4-day rally on subdued demand

Snapping the four-day rally, gold prices on Friday witnessed a fall of ₹80 to ₹33,220 per 10 gram at the bullion market in the national capital on sluggish demand from jewellers, according to the All India Sarafa Association.

Silver, however, advanced by ₹180 to ₹40,380 per kg on increased demand from industrial units and coin makers.

Traders attributed the decline to subdued demand from local jewellers and weak trend overseas.

Globally, gold traded lower at USD 1,291.89 an ounce and silver stood steady at USD 15.58 an ounce in New York

In the national capital, gold of 99.9% and 99.5% purities reduced by ₹80 each to ₹33,220 per 10 grams and ₹33,070 per 10 gram, respectively. In the past four days, gold prices had gone up by ₹425.

Sovereign gold held steady at ₹25,500 per piece of eight gram.

Silver ready gained by ₹180 to ₹40,380 per kg, while weekly-based delivery dropped ₹110 to ₹39,580 per kg.

Silver coins, however, held flat at ₹77,000 for buying and ₹78,000 for selling of 100 pieces.