Gold falls on muted demand, global cues

Gold prices declined by Rs 100 at Rs 28,750 per 10 grams at the bullion market on Thursday because of slackened demand from jewellers amid weak global cues.

Silver, however, held steady at Rs 37,100 per kg in scattered deals from industrial units and coin makers.

Marketmen said fall in demand from jewellers and retailers amid a weak global trend mainly kept pressure on gold prices.

Globally, gold fell by 0.21 per cent to $1,205.90 an ounce and silver by 0.39 per cent to $15.21 an ounce in London in early trade.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 100 each to Rs 28,750 and Rs 28,600 per ten grams, respectively.

The metal had gained Rs 215 in the previous session.

Sovereign, however, held steady at Rs 22,900 per piece of eight gram.

Silver ready also held steady at Rs 37,100 per kg, while weekly-based delivery lost Rs 200 at Rs 37,095 per kg on lack of buying support.

Meanwhile, silver coins traded at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.