Gold softens on slack demand, global cues

Gold prices slipped by Rs 60 to Rs 31,450 per 10 gram at the bullion market on Friday on muted demand from local jewellers and a weak global trend.

Silver too traded lower by Rs 300 to Rs 37,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides fall in demand from local jewellers and retailers at prevailing levels, a weak trend overseas mainly weighed on the precious metal.

Globally, gold fell 0.03 per cent to USD 1,199.10 an ounce and silver by 0.18 per cent to USD 14.10 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 60 each to Rs 31,450 and Rs 31,300 per 10 gram, respectively. The precious metal had gained Rs 310 in the last two days.

Sovereign however remained flat at Rs 24,500 per piece of eight gram.

In step with gold, silver ready drifted lower by Rs 300 to Rs 37,500 per kg and weekly-based delivery by Rs 90 to Rs 37,025 per kg.

Silver coins however remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.