Gold weakens on global cues, muted demand

Silver however remained steady at Rs 40,500 per kg in scattered deals from industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at existing levels weighed on gold prices.

Globally, gold fell 0.04 per cent to USD 1,290.10 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 25 each to Rs 30,525 and Rs 30,375 per ten gram, respectively. The precious metal had climbed Rs 150 yesterday.

Sovereign however ruled flat at Rs 24,700 per piece of eight gram.

On the other hand, silver ready held steady at Rs 40,500 per kg, while weekly-based delivery edged up by 30 to Rs 39,510 per kg on speculative buying.

Silver coins however remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.