Gold falls by Rs 100 on weak demand, global cues

Gold prices today fell by Rs 100 to Rs 30,850 per ten grams in the bullion market here due to poor demand at prevailing higher levels and weak global cues. Silver lost Rs 200 to trade at Rs 58,400 per kg on reduced offtake by jewellers and industrial units. Marketmen said stockists selling on lack of demand at prevailing higher levels and a weak global trend mainly pulled down both gold and silver prices. Gold in global markets, which normally set price trend on the domestic front, declined by USD 2.90 to USD 1670.30 an ounce and silver by 0.53 per cent to USD 31.65 an ounce in London. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,850 and Rs 30,650 per ten gram respectively, while sovereign held steady at Rs 25,350 per piece of eight grams in limited deals. Silver ready declined by Rs 200 to Rs 58,400 per kg and weekly-based delivery by Rs 180 to Rs 58,140 per kg. On the other hand, silver coins maintained steady trend at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces in restricted buying at higher levels.