Gold remains weak on global cues, muted demand

New Delhi: Gold weakened by Rs 50 to Rs 30,840 per ten gram today in line with a weak global trend and easing demand from local jewellers.

Silver however edged up by Rs 5 to Rs 39,325 per kg on scattered enquiries from industrial units and coin makers.

Marketmen said sentiment remained bearish on the back of weak global cues where gold prices edged lower on a firmer dollar and US Treasury yields rose on expectations of rate hikes by Federal Reserve.

Globally, gold fell 0.27 per cent to USD 1,220.70 an ounce and silver by 0.10 per cent to USD 15.32 an ounce in Singapore.

Besides, fall in demand from local jewellers and retailers at the domestic spot markets too weighed on gold prices.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 50 each to Rs 30,840 and Rs 30,690 per ten gram, respectively. It had lost Rs 80 yesterday.

Sovereign however was unchanged at Rs 24,700 per piece of eight gram.

On the other hand, silver ready inched up by Rs 5 to Rs 39,325 per kg and weekly-based delivery by Rs 20 to Rs 38,390 per kg.

Silver coins however held steady Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.