Gold ends lower on tepid demand, global cues

Gold prices moved down by Rs 55 to Rs 31,595 per 10 grams today, mainly on sluggish trend overseas amid easing demand from local jewellers.

On the other hand, silver reclaimed the Rs 41,000-mark by rising Rs 100 per kg on scattered support from industrial units and coin makers.

Weak global cues and lacklustre local demand were the predominant factors.

Traders said a weak trend overseas, pressured by prospects of rising US interest rates and muted demand from local jewellers at domestic spot market weighed on gold prices.

Globally, gold fell 0.35 per cent to USD 1,260.70 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity lost Rs 55 each to Rs 31,595 and Rs 31,445 per 10 grams, respectively. The precious metal had gained Rs 50 yesterday.

Sovereign, however, traded flat at Rs 24,800 per piece of eight grams in scattered retailer enquiries.

Silver ready recovered by Rs 100 to Rs 41,000 per kg while weekly-based delivery shed Rs 5 to Rs 39,675 per kg.

Silver coins were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.