Gold declines further on reduced offtake, global cues

Gold declined further by Rs 180 to Rs 31,500 per ten grams in the national capital today on reduced offtake by stockists against subdued demand and a weakening global trend.
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
Traders said reduced offtake by stockists and jewellery fabricators on subdued demand mainly kept pressure on precious metals here.
Weak global trend as a rally in equities, that cut demand for the metal as an alternative investment, further fuelled the downtrend, they said.
Gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.4 per cent to USD 1,270.97 an ounce and silver by one per cent to USD 20.22 an ounce, the lowest since August 9.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 180 each to Rs 31,500 and Rs 31,300 per ten grams, respectively. It had lost Rs 170 yesterday. Sovereign declined by Rs 100 to Rs 25,200 per piece of eight gram.
Silver ready tumbled by Rs 1,300 to Rs 46,000 per kg and weekly-based delivery by Rs 1,420 to Rs 45,170 per kg.
Silver coins also dropped by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.