Gold sheds Rs 40 on global cues, muted demand

New Delhi: Gold prices went down by Rs 40 to Rs 31,650 per 10 grams at the bullion market today, driven by a weak trend overseas amid easing demand from local jewellers. However, silver held steady at Rs 40,500 per kg on scattered deals from industrial units and coin makers.

Marketmen said besides weak global cues, a fall in demand from local jewellers and retailers at existing levels in the domestic spot market, mainly weighed on the gold prices. Globally, gold fell 0.22 per cent to USD 1,254.50 an ounce and silver by 0.12 per cent to USD 16.01 an ounce in New York yesterday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 40 each to Rs 31,650 and Rs 31,500 per 10 grams, respectively. The precious metal had gained Rs 330 in the previous three days. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. On the other hand, silver ready was unchanged at Rs 40,500 per kg, while weekly-based delivery declined by Rs 90 to Rs 39,790 per kg. Silver coins, however, continued to be enquired at last levels of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.