Gold, silver weaken on muted demand

Gold prices fell by Rs 40 to Rs 28,700 per 10 grams at the bullion market today on slack demand from jewellers even as the metal strengthened in the overseas market.
Silver followed suit and declined by Rs 50 to Rs 40,400 per kg due to reduced offtake by industrial units and coin makers.
Traders said subdued demand from local jewellers as well as retailers at the domestic spot market led to decline in the prices, but a stronger trend overseas capped the fall.
Globally, gold rose 0.06 per cent to USD 1,172.90 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity were down by Rs 40 each to Rs 28,700 and Rs 28,550 per 10 grams respectively. It had gained Rs 30 in the Saturday's trade.

Sovereign, however, remained flat at Rs 24,200 per piece of eight grams.
Silver ready drifted lower by Rs 50 to Rs 40,400 per kg and weekly-based delivery by Rs 45 to Rs 40,295 per kg.
On the other hand, silver coins continued to be traded at last level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.