Gold down by Rs 70 on global cues, low demand

Gold remained weak for a second day as prices fell by Rs 70 to Rs 31,450 per ten grams at the bullion market today, amid easing demand from jewellers at the domestic spot market and a weak trend overseas.
Silver also fell for a third straight day by losing Rs 300 to Rs 46,050 per kg due to reduced offtake by industrial units and coin makers.
Besides a weak trend overseas, fall in demand from jewellers at the domestic spot market mainly kept pressure on the precious metal prices, traders said.
Globally, gold fell 0.21 per cent to USD 1,334.70 an ounce in Singapore today.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 70 each to Rs 31,450 and Rs 31,300 per ten grams, respectively. It had lost Rs 80 yesterday.
Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams in scattered deals.
Following gold, silver ready dropped by Rs 300 to Rs 46,050 per kg and weekly-based delivery by Rs 280 to Rs 46,340.
Silver coins, however, continued to be traded at previous levels of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.