Gold turns weak on muted demand

Gold slipped by Rs 70 to Rs 31,080 per 10 gram due to sluggish demand from jewellers and weak global cues.

Silver too lost Rs 170 to Rs 38,300 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a weak global trend, fall in demand from local jewellers and retailers at prevailing higher levels led to the decline in gold prices.

Globally, gold fell 0.85 per cent to USD 1,200.50 an ounce in New York Yesterday. Silver also shed 1.14 per cent to USD 14.69 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slipped by Rs 70 each to Rs 31,080 and Rs 30,930 per 10 gram, respectively. The precious metal had gained Rs 530 in the previous four sessions.

Sovereign also fell by Rs 100 to Rs 24,500 per piece of eight gram.

Silver ready closed lower by Rs 170 to Rs 38,300 per kg, while weekly-based delivery fell by Rs 200 to Rs 37,075 per kg.

Silver coins continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.