Gold falls on reduced offtake, weak global cues

Gold prices fell by Rs 130 to Rs 31,240 per ten gram today due to reduced offtake at existing higher levels amid a weak global trend.
Silver also fell further by Rs 720 to Rs 52,610 per kg on lack of buying support from industrial units and coin makers amid a weak global trend.
Traders said besides reduced offtake at existing higher levels, weak trend in global markets mainly kept pressure on the prices of precious metals.
Gold in New York, which normally set price trend on the domestic front, fell by 23.20 dollar to 1363.30 dollar an ounce and silver by 3.14 per cent to 22.97 dollar an ounce last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 31,240 and Rs 31,040 per ten gram, respectively. The yellow metal had gained Rs 270 yesterday. Sovereign remained steady at Rs 25,200 per piece of eight gram in limited deals.
Silver ready fell further by Rs 720 to Rs 52,610 per kg and weekly-based delivery by Rs 690 to Rs 52,610 per kg. The white metal had lost Rs 970 in the previous session.
However, silver coins held steady at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces in restricted buying.