New Delhi: Amid weak cues from the global market and fall in demand from local jewellers, gold prices fell 390 to 31,460 per 10 grams on the bullion market during the week.

Silver also lost 890 to reach 36,560 per kg due to poor offtake by industrial units and coin makers.

Traders said a weak trend in the overseas market weighed on gold prices.

Besides, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on prices, they added.

Globally, gold ended the week at $1,221.88 per ounce and silver at $14.17 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity started the week with a gain of 100 each, but succumbed to profit-booking and tepid demand to close at 31,460 and 31,310 per 10 grams respectively, showing a fall of 390 each.

Sovereign, after remaining steady at 24,800 per piece of 8 grams on Monday and Tuesday on some support, came under pressure and ended with a fall of 100 at 24,700.

Silver ready, barring Monday and Thursday, traded in the negative zone through the week and ended lower by 890 at 36,560 per kg while weekly-based delivery dropped by 1,162 to 35,147 per kg.

Silver coins, on the other hand, remained unchanged at 73,000 for buying and 74,000 for selling of 100 pieces.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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