Gold, silver fall on weak global cues

Muted demand from jewellery makers due to off-wedding season also weighs on prices

Gold prices declined by Rs 140 to Rs 30,650 per ten gram at the bullion market today, tracking a weak trend overseas amid slackened demand from jewellers.

Silver weekly-based delivery prices also shed Rs 230 per kg due to selling by speculators.

Marketmen said apart from muted demand from jewellery makers due to off-wedding season, a weak trend in global markets where gold fell ahead of a US Federal Reserve meeting mainly weighed on the precious metal prices. Investors are looking for indications about interest rate hike from the US Fed meet.

Globally, gold prices fell as much as 0.30 per cent to USD 1,315.93 an ounce in Singapore today.

In the national capital, standard gold 99.9 and 99.5 per cent purity drifted lower by Rs 140 each to end at Rs 30,650 and Rs 30,500 per ten gram. The metal had gained Rs 110 in yesterday.

Sovereign remained unaltered however at Rs 23,800 per piece of eight gram on scattered demand.

Tracking gold, silver weekly-based delivery too dipped by Rs 230 to end the day at Rs 46,215 per kilo, while silver ready managed to close steady at Rs 46,200 per kilo on some support from industrial units and coin makers.

Similarly, silver coins also traded flat at Rs 74,000 for selling and Rs 75,000 for buying of 100 pieces.