Gold weakens on muted demand, silver tops Rs 41,000-mark

Gold prices softened by Rs 40 to Rs 31,950 per ten grams at the bullion market today owing to slackened demand from local jewellers even as the metal strengthened overseas.

On the other hand, silver recaptured the Rs 41,000-mark by surging Rs 330 to Rs 41,200 per kg due to increased offtake by industrial units and coin makers.

Marketmen said easing demand from local jewellers and retailers at existing levels mainly put pressure on gold prices but a firm trend overseas capped the fall.

Globally, gold edged higher by 0.13 per cent to USD 1,291.90 an ounce and silver by 0.06 per cent to USD 16.43 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 40 each to Rs 31,950 and Rs 31,800 per ten grams, respectively. It had gained Rs 210 in yesterday's trade.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 330 to Rs 41,200 per kg and weekly-based delivery by Rs 25 to Rs 40,195 per kg.

Silver coins continued to be traded at previous levels of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.