Gold, silver turn weak on global cues

Silver, too, witnessed bouts of speculative selling amid lower industrial offtake.

Standard gold (99.5 per cent purity) declined by Rs 290 to end at Rs 30,945 per 10 grams from Tuesday's closing level of Rs 31,235.

Pure gold (99.9 per cent purity) also fell by a similar margin to conclude at Rs 31,095 per 10 grams as compared to Rs 31,385 previously.

Silver (.999 fineness) dropped by Rs 380 per kg to close at Rs 39,470 as against Rs 39,850 yesterday.

Globally, gold prices were steady as concerns about political turmoil in Italy and over a trade conflict between China and the United States outweighed strength in the dollar.

Spot gold was barely changed at USD 1,297 per ounce in early trade.

In other precious metals, spot silver was steady at USD 16.40 an ounce.