Gold remains weak on muted demand

Gold eased by Rs 30 to Rs 34,050 per 10 gram at the bullion market Wednesday on subdued demand from local jewellers even as the yellow metal strengthened overseas.

Silver also fell by Rs 200 to Rs 40,800 per kg on reduced enquiries from industrial units and coin makers.

Marketmen said the fall in gold prices has been mostly attributed to sluggish demand from local jewellers as well as retailers, but a firming trend overseas limited the fall.

Globally, gold rose 0.13 per cent to USD 1,313.10 an ounce in New York as the dollar fell from multi-week highs, raising demand for the precious metal. Silver was up 0.19 per cent to USD 15.80 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities shed Rs 30 each to Rs 34,050 and Rs 33,900 per 10 gram, respectively. The precious metal had lost Rs 200 in the previous two days.

Sovereign gold, however, maintained at Rs 26,100 per piece of 8 gram in limited deals.

In line with overall trends, silver ready fell by Rs 200 to Rs 40,800 per kg and weekly-based delivery dropped by Rs 205 to Rs 39,624 per kg.

Silver coins, however, remained flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.