Gold weakens on global cues, muted demand

Gold prices softened by Rs 20 to Rs 29,330 per ten grams at the bullion market today, tracking a weak trend overseas amid easing demand from local jewellers.
Silver, however, advanced by Rs 425 to Rs 41,800 per kg on increased offtake by industrial units and coin makers.
Bullion traders said besides a weak trend overseas, easing demand from local jewellers at domestic spot market at prevailing levels mainly led to the decline in gold prices.
Globally, gold fell 0.14 per cent to USD 1,242.90 an ounce yesterday in New York.
In the national capital, gold of 99.9 and 99.5 per cent purity traded lower by Rs 20 each to Rs 29,330 and Rs 29,180 per ten grams, respectively. The precious metal had gained Rs Rs 350 yesterday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams in scattered deals.
On the other hand, silver ready rose further by Rs 425 to Rs 41,800 per kg and weekly-based delivery by Rs 270 to Rs 41,530 per kg.
Silver coins, however, continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.