Gold, silver remain weak on low demand

Falling for the second straight day, gold prices were down by another Rs 10 to Rs 27,850 per 10 grams today owing to tepid demand from jewellers at domestic spot market, even as the metal strengthened overseas.
Silver also showed weakness and fell further by Rs 100 to Rs 38,800 per kg due to reduced offtake by industrial units and coin makers.
Traders attributed the slide in gold prices to muted demand from jewellers as well as retailers at the domestic spot market amid end of wedding season and prevailing cash crunch, but a firm trend overseas capped the losses.

Globally, gold rose 0.21 per cent to USD 1,130.70 an ounce and silver by 0.03 per cent to USD 16.76 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity were down by Rs 10 each to Rs 27,850 and Rs 27,700 per 10 grams, respectively. The precious metal had lost Rs 90 in yesterday's trade.
Sovereign, however, remained flat at Rs 24,000 per piece of eight grams.
Prices of silver ready also fell by Rs 100 to Rs 38,800 per kg and weekly-based delivery by Rs 20 to Rs 38,925 per kg.

On the other hand, silver coins remained steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.