Gold falls on global cues, low demand

Gold prices went down by Rs 100 to Rs 30,650 per 10 grams amid weakening global trend and muted demand from local jewellers at the bullion market today.

However, silver held steady at Rs 39,200 per kg on scattered deals from industrial units and coin makers.

Marketmen said, apart from a weak trend overseas, fall in demand from local jewellers and retailers at domestic spot market, mainly kept pressure on the gold prices.

Globally, gold fell by 0.24 per cent to USD 1,219.10 an ounce and silver by 0.52 per cent to USD 15.38 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity lost Rs 100 each at Rs 30,650 and Rs 30,500 per 10 grams, respectively. The precious metal had shed Rs 30 yesterday.

Sovereign gold, however, remained steady at Rs 24,600 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 39,200 per kg, while weekly-based delivery recovered by Rs 70 to Rs 38,240 per kg on speculative buying.

Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.