Gold, silver stay subdued on tepid demand

The downward movement of gold continued for the fourth straight day as prices dropped by Rs 50 to Rs 34,000 per 10 grams at the bullion market Thursday owing to slackened demand from local jewellers, despite positive global cues.

Similarly, silver shed Rs 150 to Rs 40,650 per kg owing to reduced offtake by industrial units and coin makers.

Globally, gold was trading 0.18 per cent higher at USD 1,309.20 an ounce and silver by 0.52 per cent to USD 15.71 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities drifted lower by Rs 50 each to Rs 34,000 and Rs 33,850 per 10 grams, respectively.

The precious metal had lost Rs 230 in the previous three days.

Sovereign gold also weakened by Rs 100 to Rs 26,000 per piece of eight grams.

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Tracking gold, silver ready declined by Rs 150 to Rs 40,650 per kg, while weekly-based delivery fell by Rs 134 to Rs 39,490 per kg.

On the other hand, silver coins continued to be traded at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.