Gold weakens on muted demand, global cues

New Delhi: Gold prices softened by Rs 10 to Rs 31,650 per 10 grams at the bullion market Thursday on weak demand from local jewellers amid subdued trend overseas.

However, silver strengthened by Rs 100 to Rs 38,100 per kg due to increased offtake by industrial units and coin makers.

Traders said easing demand from local jewellers and retailers at prevailing levels at the domestic spot market and weak global cues, weighed on gold prices.

Globally, gold fell 0.07 per cent to USD 1,202.80 an ounce and silver by 0.04 per cent to USD 14.22 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 10 each at Rs 31,650 and Rs 31,500 per 10 grams, respectively.

Sovereign gold, however, remained steady at Rs 24,500 per piece of eight grams.

On the other hand, silver ready advanced by Rs 100 to Rs 38,100 per kg, while weekly-based delivery fell by Rs 155 to Rs 37,320 per kg.

Silver coins, however, remained flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.