Gold prices extend slide on lacklustre demand

Falling for the fourth straight day, gold prices Saturday dipped by Rs 15 to Rs 31,460 per 10 grams due to lacklustre demand amid weak global cues. Silver prices too declined by Rs 515 to Rs 36,560 per kg on weak demand from industrial units and coin makers.

Traders said mild demand from jewellers and retailers and weakness in the global markets weighed on gold prices here. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 15 each to Rs 31,460 and Rs 31,310 per 10 grams, respectively.

The yellow metal had lost Rs 65 on Friday. Sovereign gold, however, held steady at Rs 24,700 per piece of 8 grams. Globally, gold traded lower at USD 1,221.88 an ounce in New York, while silver dropped to USD 14.17 an ounce.

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Meanwhile, silver ready fell by Rs 515 to Rs 36,560 per kg, while weekly-based delivery declined by Rs 459 to Rs 35,147 per kg. Silver coins, however, ruled flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.