New Delhi: Gold prices dipped below Rs 33,000 level by falling Rs 807 to Rs 32,843 per ten grams in futures trade Friday as market participants trimmed their positions in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in October fell by Rs 807 to Rs 32,843 per ten grams compared to Rs 33,650 in previous session. The yellow metal had hit an intra-day high of Rs 35,074 on Wednesday.
Similarly, silver for delivery in September dropped by Rs 1,662 to Rs 53,880 per kg.
Gold price in overseas markets, which normally set price trend on the domestic front, fell below USD 1,400 per ounce today as the probability of an immediate US strike on Syria faded, and strong US data rekindled fears of an imminent scale-back of the Federal Reserve's stimulus measures.
But the yellow metal is headed for its second straight monthly gain, helped largely by short-covering and technical buying that pushed it above the key USD 1,400 level this week.
Spot gold last traded down USD 10.90 or 0.77 percent at USD 1,397.30 an ounce.
In New York, gold for December delivery slipped by USD 5.90 to settle at USD 1,412.90 an ounce on the Comex division of the NYMEX yesterday.
Meanwhile, gold prices fell further by Rs 625 to Rs 31,700 per ten gram, extending losses for the second straight day in Delhi bullion market on sustained selling by stockists, triggered by a weakening global trend.
Silver lost Rs 1,710 to Rs 54,000 per kg on reduced offtake by jewellers and industrial units.
