Gold softens on muted demand, silver falls too

Gold prices weakened by Rs 50 to Rs 30,750 per ten grams at the bullion market today due to slackened demand from jewellers at prevailing levels, even as the metal strengthened overseas.
Silver also fell by Rs 200 to Rs 46,500 per kg on reduced offtake by industrial units and coin makers.
Traders attributed the fall in gold to easing demand from jewellers as well as retailers at existing levels at domestic spot market but a better trend overseas restricted the rise.
Globally, gold traded higher by 0.19 per cent to USD 1,337.10 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 30,750 and Rs 30,600 per ten grams, respectively. It had gained Rs 150 yesterday.
Sovereign, however, remained flat at Rs 23,400 per piece of eight grams.
Tracking gold, silver ready moved down Rs 200 to Rs 46,500 per kg and weekly-based delivery by Rs 275 to Rs 47,275.
On the other hand, silver coins, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.