Gold, silver weaken on global cues

Gold extended its slide for the second straight day at the domestic bullion market in Mumbai on Friday as prices slipped Rs 135 per 10 grams following subdued demand from stockists and investors.

Silver too dipped owing to lack of industrial buying support.

Standard gold (99.5 purity) dropped by Rs 135 to end at Rs 31,175 per 10 grams from Thursday's closing level of Rs 31,310.

Pure gold (99.9 purity) also moved down by a similar margin to Rs 31,325 per 10 grams as compared to Rs 31,460 earlier.

Silver (.999 fineness) dipped by Rs 770 to conclude at Rs 46,510 per kg as against Rs 47,280 previously.

On the global front, gold edged lower as the dollar recovered some of its early losses, but the bullion was still on track for its second successive weekly gain.

Spot gold was slightly down 0.2 per cent at $1,335.90 per ounce in early trade. The metal was set for a nearly 1 per cent gain this week.

Among other precious metals, spot silver was down 0.7 per cent at $19.51 per ounce.