Gold stays weak on global cues, tepid demand

Gold prices fell by Rs 100 to Rs 31,350 per 10 grams at the bullion market today in tandem with a weakening global trend amid sluggish demand from local jewellers.
Silver also drifted down by Rs 115 to Rs 39,385 per kg due to reduced offtake by industrial units and coin makers.
Traders said sentiment remained bearish on the back of a weak trend overseas as the US dollar bounced from a near three-week low against the euro after European Central Bank President Mario Draghi signalled that any policy normalisation in the euro zone would be very gradual.
Globally, gold fell 0.27 per cent to USD 1,318 an ounce and silver by 0.21 per cent to USD 16.43 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 100 each to Rs 31,350 and Rs 31,200 per 10 grams, respectively. It had lost Rs 220 yesterday.
Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.
In step with gold, silver ready eased by Rs 115 to Rs 39,385 per kg while weekly-based delivery dipped Rs 80 to Rs 38,690 per kg.
Silver coin, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.