Gold, silver weaken on global cues

Gold prices declined by Rs 35 to Rs 30,910 per 10 grams at the domestic bullion market here today amid a weak trend overseas and fall in demand from local jewellers. Silver too declined following bouts of speculative selling amid lower industrial offtake.

Standard gold (99.5 purity) declined by Rs 35 to end at Rs 30,910 per 10 grams from its overnight closing level of Rs 30,945.

Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 31,060 per 10 grams as compared to Rs 31,095 previously.

Silver (.999 fineness) dropped by Rs 80 per kg to close at Rs 39,715 against Friday’s level of Rs 39,795.

Globally, gold marked a new low for the year after US Treasury Secretary Steven Mnuchin declared that a trade war between China and the United States was on hold, sparking a rally in stocks and the dollar.

Spot gold fell to its lowest price since late December at USD 1,281.76 an ounce and at early trade it was down 0.5 percent at USD 1,284.70 an ounce. PTI

Among other precious metals, silver was down by 0.6 percent at USD 16.33 an ounce.