Gold, silver fall on weak global cues, muted demand

A weak global trend and easing demand from local jewellers pulled down gold prices by Rs 35 to Rs 31,800 per ten gram at the bullion market today.

Silver also drifted lower by Rs 100 to Rs 39,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a weak overseas trend, fading demand from local jewellers and retailers at existing levels at the domestic spot market, weighed on gold prices.

Globally, gold fell 0.14 per cent to USD 1,344.90 an ounce and silver by 0.03 per cent to USD 16.52 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 35 each to Rs 31,800 and Rs 31,650 per ten gram, respectively. The precious metal had gained Rs 485 in the last three days.

Sovereign however remained flat at Rs 24,800 per piece of eight gram.

Silver ready too moved down by Rs 100 to Rs 39,500 per kg and weekly-based delivery by Rs 140 to Rs 38,755 per kg.

Silver coins however remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.