Gold logs first loss in four days on low demand from local jewellers, weak global cues; silver slips too

New Delhi: Snapping a three-day gaining streak, gold prices on Wednesday fell by Rs 110 to close at Rs 32,540 per 10 gram at the bullion market in the national capital on lacklustre demand from local jewellers and weak global cues.

Silver rates were also down by Rs 25 to Rs 38,550 per kg on weak demand from coin makers and industrial units.

In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 110 each to 32,540 and Rs 32,390 per 10 gram, respectively.

The precious metal gained Rs 550 in the three previous sessions.

Traders attributed the fall in prices to weaker demand from local jewellers and negative global cues.

Sovereign gold, however, held steady at Rs 25,000 per piece of 8 gram.

Globally, gold traded lower at $1,242.08 an ounce in New York, while silver held steady at $14.57 an ounce.

Silver ready fell by Rs 25 to Rs 38,550 per kg, while weekly-based delivery was marginally up by Rs 22 to Rs 38,181 per kg. Silver coins, however, remained unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.