Gold, silver decline on subdued demand, global cues

Gold prices eased further by Rs 20 to Rs 31,420 per 10 grams at the bullion market here due to lower demand from stockists and retailers amid bearish global cues.

Silver prices too dropped further by Rs 235 to Rs 39,805 per kg following subdued offtake from industrial units.

Standard gold (99.5 percent purity) prices fell by Rs 20 to close at Rs 31,420 per 10 grams from Monday’s closing level of Rs 31,440.

Pure gold (99.9 percent purity) also moved down by a similar margin to end at Rs 31,570 per 10 grams as against Rs 31,590 yesterday.

Silver (.999 fineness) prices dipped by Rs 235 to conclude at Rs 39,805 per kg compared to Rs 40,040 previously. Globally, gold dipped, heading for a third straight day of losses as a rise in US borrowing costs supported the dollar and overshadowed the impact of strife in Gaza.

Spot gold fell to USD 1,309.99 per ounce in early European trade.

Among other precious metals, silver was down 0.4 percent at USD 16.43 per ounce.