Gold, silver feel the heat as demand falters

Gold prices moved lower by Rs 80 to Rs 31,520 per 10 grams today, tracking a weak trend overseas amid slack demand from jewellers in the domestic spot market.
Silver also remained under selling pressure and lost another Rs 150 to Rs 46,350 per kg.
Traders said a weak trend overseas following gold's retreat -- after its biggest weekly advance in two months -- in response to the dollar erasing losses dimmed its appeal as an alternative investment, which hit sentiment here.
Globally, gold was trading 0.31 per cent down at USD 1,333 an ounce in Singapore today.
Besides, a fall in demand from jewellers and retailers in domestic spot market weighed.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 80 each to Rs 31,520 and Rs 31,370 per 10 grams, respectively. It had gained Rs 80 in Saturday's trade.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.
Silver ready fell further by Rs 150 to Rs 46,350 per kg while weekly-based delivery by Rs 195 to Rs 46,620.
Silver coins, however, remained unaltered at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.