Cheer news for Gold Lovers

New Delhi, May 28: Here is a good news for Gold lovers, while Gold prices dipped below the Rs32,000-mark, tumbling Rs.405 to Rs.31,965 per 10 gram at the bullion market Monday amid a weak trend overseas and slump in demand from local jewelers.

Silver prices followed suit and cracked Rs41,000-mark by falling Rs370 to Rs40,830 per kg.

Investors sentiment dampened largely on weak trend overseas, traders said. Besides, an appreciating rupee against the US dollar made the imports cheaper, they said. Fall in demand from local jewelers at domestic spot market also weighed on the prices, they added.

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

In the national capital, gold of 99.9 and 99.5% purity slumped by Rs405 each to Rs31,965 and Rs31,815 per 10 gram respectively. It had lost Rs105 on Saturday. Sovereign, however, remained unaltered at Rs24,800 per piece of eight gram.

Silver ready also declined by Rs370 to Rs40,830 per kg, while weekly-based delivery traded lower by Rs350 to Rs39,915 per kg. Silver coins, however, continued to be traded at the previous level of Rs76,000 for buying and Rs77,000 for selling of 100 pieces.