New Delhi: Gold prices today eased from their six-year highs, snapping their three-day rising streak. Muted demand from jewellers and weak global prices kept pressure on domestic gold prices. Gold rates today fell 150 to 32,630 per 10 grams. But silver prices surged today, boosted by higher demand. Silver rates today rose by 310 to 39,500 per kg. In Delhi, gold of 99.9% and 99.5% purity fell 150 each to 32,630 and 32,480 per 10 grams respectively, Press Trust of India reported. Gold prices had gained 230 in the last three days.

Sovereign gold prices, however, remained flat at 24,900 per piece of 8 gram. Silver ready rebounded by 310 to 39,500 per kg and weekly-based delivery by 418 to 38,546 per kg. Silver coins, however, were unaltered at 76,000 for buying and 77,000 for selling of 100 pieces.

Traders said that festive season demand for gold is likely to be hit from higher prices.

Demand for gold coins and bars, also known as investment demand, could also be hit due to higher prices. On Thursday, gold prices rose 130 to 32,780 per 10 grams, the highest since November 29, 2012, when it hit 32,940 per 10 grams.

Gold prices in India have rallied this year as the rupee has fallen nearly 13% against the US dollar, making purchases of commodities denominated in the greenback more expensive. In global markets, gold prices have seen big swings this year. From $1,366.07 an ounce in January, they fell to as low as $1,159.96 in August amid a strengthening dollar and rate hikes by the US Federal Reserve.

A stronger dollar hurts gold prices by making it more expensive for buyers with other currencies. Higher interest rates also make non-interest yielding gold less attractive. Currently, global gold prices are hovering around $1,220 an ounce.

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