Gold slides on weak global cues, silver remains up

Gold prices softened by Rs 40 to Rs 30,660 per 10 grams at the bullion market today, tracking a a weak trend overseas amid easing demand from the local jewellers.

However, silver advanced by Rs 50 to Rs 39,050 per kg due to increased offtake by industrial units.

Traders said, a weak trend overseas was observed as the US dollar climbed to a 13-month high against major peers amid financial crisis in Turkey, which mainly influenced the sentiment here.

Globally, gold fell 0.57 per cent to USD 1,204.30 an ounce and silver by 0.56 per cent to USD 15.19 an ounce in Singapore.

Besides, low demand from local jewellers and retailers at domestic spot market weighed on the gold prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 40 each to Rs 30,660 and Rs 30,510 per 10 grams, respectively. The yellow metal had climbed by Rs 180 in Saturday's trade.

Sovereign, however, remained flat at Rs 24,600 per piece of 8 gram.

On the other hand, silver ready advanced by Rs 50 to Rs 39,050 per kg and weekly-based delivery by Rs 85 to Rs 38,050 per kg.

Silver coins, however, dropped by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.