Gold prices decline Rs 170 on muted demand

New Delhi: Gold prices Friday fell Rs 170 to Rs 32,850 per 10 gram, registering its second day of decline due to subdued domestic demand, according to the All India Sarafa Association.

Silver also followed gold by declining Rs 350 to Rs 38,200 per kg on decreased offtake by industrial units and coin makers.

Traders said reduced demand from local jewellers as well as retail buyers led to the fall in gold prices.

However, in the international market, spot gold was trading marginally higher at USD 1,295.50 an ounce, while silver was up at USD 15.13 an ounce in New York.

On Thursday, the yellow metal had fallen by Rs 50.

In the national capital, gold of 99.9 percent and 99.5 percent purities fell by Rs 170 each to Rs 32,850 and Rs 32,680 per 10 gram, respectively.

However, sovereign gold held steady at Rs 26,400 per piece of eight gram.

Silver ready slumped by Rs 350 to Rs 38,200 per kg, while weekly-based delivery dropped Rs 333 to Rs 37,227 per kg.

On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.