Gold, silver turn weak on Akshaya Tritiya, global cues

Gold prices turned weak at the bullion market here on Monday owing to slackened demand from jewellers and retailers at prevailing levels amid a weak overseas cues. Elsewhere, silver eased further owing to subdued demand from consuming industries.

Standard gold (99.5 purity) moved down by Rs 85 per 10 grams to finish at Rs 29,855 from its last weekend's level of Rs 29,940. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 30,005 per 10 grams from Rs 30,090.

While, silver (.999 fineness) declined by Rs 15 to conclude at Rs 41,400 per kg from last Friday's close of Rs 41,415. On the Global front, gold fell 1 percent as a firmer dollar prompted some investors to cash in gains after the metal's rally back towards $1,300 an ounce in the previous session, on the back of a weaker than expected U.S. jobs report.

Spot gold was down 1 percent at $1,275.81 an ounce at early trade, while U.S. gold futures for June delivery were down $16.00 an ounce at $1,278.00. Silver was down 0.6 percent at $17.34 an ounce.