Gold softens on muted demand, global cues

Gold slipped by Rs 65 to Rs 31,450 per ten gram at the bullion market today due to slackened demand from local jewellers amid a weak trend overseas.

Silver followed suit and lost Rs 160 to Rs 39,400 per kg.

Traders said a sluggish demand from local jewellers and retailers at domestic spot market and a subdued trend overseas mainly weighed on the prices.

Globally, gold fell 0.11 per cent to USD 1,322.70 an ounce and silver by 0.21 per cent to USD 16.47 an ounce in London.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 65 each to Rs 31,450 and Rs 31,300 per ten gram, respectively. It had gained Rs 65 yesterday.

Sovereign however remained flat at Rs 24,800 per piece of eight gram.

Silver ready also fell by Rs 160 to Rs 39,400 per kg and weekly-based delivery by Rs 230 to Rs 38,770 per kg.

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