Gold prices weaken marginally on tepid demand

New Delhi: Gold prices softened by Rs15 to Rs29,685 per 10 gram at the bullion market on Friday as demand from local jewellers eased even as the metal strengthened overseas. Silver prices followed suit and declined by Rs60 to Rs38,220 per kg due to reduced offtake by industrial units and coin makers.

Traders said muted demand from local jewellers and retailers at the domestic spot market, mainly weighed on gold prices but a better trend overseas capped the fall. Globally, gold rates edged up 0.12% to $1,267.60 and silver by 0.34% to $16.15 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5% purity shed Rs15 each to Rs29,685 and Rs29,535 per 10 gram respectively. It had gained Rs10 on Thursday. Sovereign, however, remained unaltered at Rs24,500 per piece of eight gram.

Tracking gold, silver ready fell by Rs60 to Rs38,220 per kg and weekly-based delivery by Rs55 to Rs37,550 per kg. Silver coins, however, continued to be traded at previous level of Rs70,000 for buying and Rs71,000 for selling of 100 pieces.