Gold weakens on Asian cues, low demand

Snapping its two-day rising run, gold prices drifted by Rs 85 to Rs 25,605 per ten grammes at the bullion market today on weak global trend amid slackened demand from jewellers at prevailing levels.
Silver also dipped below the Rs 34,000-mark by falling Rs 320 to Rs 33,980 per kg on reduced offtake by industrial units and coin makers.
Bullion traders said besides weak Asian cues, fall in demand from jewellers mainly pulled down gold and silver prices.
Globally, gold lost 0.4 per cent to USD 1,071.72 an ounce and silver fell 0.7 per cent to USD 14.26 an ounce in Singapore.

Besides, strengthening rupee against the dollar that made import of precious metals cheaper dampened sentiment, they said.
In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 85 each to Rs 25,605 and Rs 25,455 per ten grammes, respectively. It had gained Rs 140 in the previous

two days.
Sovereign, however, remained steady at Rs 22,200 per piece of eight grammes in scattered deals.
Tracking gold, silver ready dropped by Rs 320 to Rs 33,980 per kg and weekly-based delivery by Rs 295 to Rs 34,050 per kg.
Silver coins, however, continued to trade at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.