Weak global cues, muted demand soften gold prices

Gold eased by Rs 50 to Rs 30,050 per ten gram at the bullion market today largely in tandem with a weak trend overseas amid tepid demand from local jewellers.
Silver too fell by Rs 100 to Rs 40,500 per kg due to reduced offtake by industrial units.
Traders said sentiment remained bearish on weak global cues as the dollar strengthened against a basket of major currencies after strong US growth data fuelled speculations that the Federal Reserve could consider interest rate hike for a third time this year, diminishing demand for precious metals.
Globally, gold prices fell 0.11 per cent to USD 1,306.70 an ounce and silver by 0.12 per cent to USD 17.37 an ounce in Singapore.

Besides, a sluggish demand from local jewellers and retailers at domestic spot market, weighed on the prices.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 50 each to Rs 30,050 and Rs 29,900 per ten gram, respectively. The precious metal had lost Rs 350 yesterday.

Sovereign however surged Rs 100 to Rs 24,600 per piece of eight gram.
Tracking gold, silver ready declined by Rs 100 to Rs 40,500 per kg and weekly-based delivery by Rs 85 to Rs 39,515 per kg.
Silver coins however spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.