Gold slips below Rs 32,000 mark on weak global cue

New Delhi: Gold prices slipped below the Rs 32,000-mark by slumping Rs 250 to end at Rs 31,800 per ten grams at the bullion market during the week, taking weak cues from overseas markets and muted demand from local jewellers.

However, silver after moving between gains and losses, managed to close higher at Rs 41,350 per kg.

Traders said sentiment turned bearish in sync with the weak trend overseas on firmer dollar amid US Federal Reserve signalling more rate hikes this year, diminishing appeal of gold as a safe haven bet.

Besides, fading demand from local jewellers and retailers at prevailing levels at domestic spot market, too put pressure on prices.

Globally, gold ended the week lower at USD 1,278.90 an ounce and silver at USD 16.54 an ounce in New York.

In the national Capital, gold of 99.9 per cent and 99.5 per cent purity started the week lower at Rs 31,950 and Rs 31,800 and slipped further to Rs 31,800 and Rs 31,650 per ten grams respectively on lack of buying support.

Later, it found buying support from local jewellers along with a firm trend overseas and bounced back to Rs 32,190 and Rs 32,040 per ten grams and finally settled at Rs 31,800 and Rs 31,650 per ten grams, showing a fall of Rs 250 each.