Gold remains weak on muted demand, global cues

Gold prices dipped by Rs 5 to Rs 30,560 per 10 grams at the bullion market today due to tepid demand from local jewellers and a weak trend overseas.

However, silver recovered by Rs 55 to Rs 38,970 per kg on scattered enquiries from industrial units and coin makers.

Marketmen said subdued demand from local jewellers and retailers at the domestic spot market amid weak global cues kept gold prices lower.

Globally, gold fell 0.20 per cent to USD 1,211.10 an ounce and silver slipped 0.29 per cent to USD 15.36 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed another Rs 5 each to Rs 30,560 and Rs 30,410 per 10 grams, respectively. The yellow metal had lost Rs 20 yesterday.

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

On the other hand, silver ready recovered by Rs 55 to Rs 38,970 per kg and weekly-based delivery traded higher by a similar margin to Rs 38,020 per kg.

Silver coins, however, were unchanged at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.