Gold eases on muted demand; weak global cues

Gold fell marginally by Rs 25 to Rs 31,600 per 10 gram at the bullion market Thursday, dampened by scanty demand amid weak global cues.

Silver too shed Rs 10 at Rs 37,900 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides easing demand from jewellers and retailers at domestic spot market, a weak trend overseas, mainly led to the decline in the precious metal prices.

Globally, gold fell 0.11 per cent to USD 1,204.80 an ounce and silver by 0.07 per cent to USD 14.23 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity weakened by Rs 25 each to Rs 31,600 and Rs 31,450 per 10 gram, respectively. The precious metal had gained Rs 175 in yesterday's trade.

Sovereign however remained steady at Rs 24,500 per piece of eight gram.

Tracking gold, silver ready eased by Rs 10 to Rs 37,900 per kg and weekly-based delivery by Rs 120 to Rs 37,285 per kg.

Silver coins however remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.