Gold falls Rs 150 on global cues, muted demand

Snapping its two-day rising streak, gold prices drifted lower by Rs 150 to Rs 31,250 per 10 grams at the bullion market today, largely on weak global trend amid slackened demand from local jewellers.
However, silver advanced by Rs 100 to Rs 40,300 per kg on increased offtake by industrial units and coin makers.
Sentiment took a hit as the yellow metal weakened overseas after the US Federal Reserve left interest rates unchanged and demand from local jewellers and retailers fell in the domestic spot market, bullion traders said.
Globally, gold fell 0.42 per cent to USD 1,339.40 an ounce and silver by 0.55 per cent to USD 17.21 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 150 each to Rs 31,250 and Rs 31,100 per 10 gram, respectively. The precious metal had gained Rs 280 in last two days.
Sovereign, however, remained flat at Rs 24,800 per piece of 8 grams.
On the other hand, silver ready rose further by Rs 100 to Rs 40,300 per kg and weekly-based delivery by Rs 130 to Rs 39,440 per kg.
Silver coins continued to trade at previous level of Rs 74,000 for buying; and Rs 75,000 for selling of 100 pieces.