Gold loses sheen, silver declines on subdued offtake

Gold prices dropped by Rs 25 to close at Rs 31,265 per 10 grams at the domestic bullion market here today on subdued offtake from stockists and jewellers coupled with lack of local buying interests, even as it strengthened overseas.

Silver, too, remained under selling pressure owing to reduced offtake from consuming industries.

Standard gold (99.5 per cent purity) fell by Rs 25 to close at Rs 31,265 per 10 grams from Wednesday's price of Rs 31,290.

Pure gold (99.9 per cent purity) also fell by a similar margin to settle at Rs 31,415 per 10 grams as compared to the previous day's price of Rs 31,440.

Silver (.999 fineness) declined by Rs 55 to conclude at Rs 40,245 per kg against Rs 40,300 earlier.

Globally, gold prices rose for a second session, lifted by a weaker dollar, worries about renewed trade tensions and volatile emerging markets.

Spot gold was trading up 0.3 per cent at USD 1,296.24 per ounce at early trade.

Among other precious metals, silver gained 0.8 per cent to USD 16.55 an ounce.