Gold prices dip by Rs 100 to below Rs 31,000 mark on weak demand

Globally, gold fell 0.20% to $1,326.30 an ounce in Singapore

Gold prices declined by Rs 100 on Friday to Rs 30,900 per 10 gram at the bullion market as demand from jewellers and retailers eased locally amid weak trend overseas.

However, silver recovered by Rs 100 to Rs 41,600 per kg on scattered enquiries from industrial units.

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at prevailing levels, mainly weighed on gold prices.

Globally, gold fell 0.20 per cent to $1,326.30 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,900 and Rs 30,750 per 10 grams respectively. The precious metals had climbed Rs 650 on Thursday.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight gram.

On the other hand, silver ready recovered by Rs 100 to Rs 41,600 per kg, while weekly-based delivery regained the Rs 41,000-mark by rising Rs 190 to Rs 41,120 per kg.

Silver coins, however, continued to be asked at the last level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.