Gold, silver weaken on subdued demand, global cues

Gold prices eased further by Rs 10 per 10 grams at the bullion market here today following subdued demand from stockists and retailers amid lower global cues.

Elsewhere, silver dipped further by Rs 70 to close at Rs 37,870 per kg owing to reduced offtake from industrial units.

Standard gold (99.5 per cent purity) edged down by Rs 10 to finish at Rs 29,665 per 10 grams from Tuesday's closing level of Rs 29,675.

Pure gold (99.9 per cent purity) also eased by the same amount to close at Rs 29,815 per 10 grams as against Rs 29,825, previously.

Silver (.999 fineness) fell by Rs 70 to conclude at Rs 37,870 per kg compared to Rs 37,940 earlier.

Globally, gold was stable near one-year lows early today on a stronger dollar, as the market waited for signals on the direction of US monetary policy from a Federal Reserve meeting later in the day.

Spot gold edged down to USD 1,223.08 per ounce in early European trade, close to a one-year low of USD 1,211.08 reached on July 19. US gold futures were lower at USD 1,231.80 an ounce.

In other precious metals, silver declined 0.5 percent to USD 15.44 an ounce.