Gold softens on weak global cues, muted demand

New Delhi: Gold slipped by Rs 30 to Rs 30,620 per 10 gram at the bullion market today on easing demand from local jewellers amid weak trend overseas.

Silver also slumped by Rs 300 to Rs 37,800 per kg on reduced offtake by industrial units and coin makers.

Traders said sentiment turned bearish as gold fell in global markets, after hitting a one-week high in the previous session, as fears of another round of US tariffs on China and expectations of higher interest rates lifted the dollar.

Globally, gold fell 0.65 per cent to USD 1,187.50 an ounce and silver by 1.43 per cent to USD 14.52 an ounce in Singapore.

Besides, slump in demand from local jewellers and retailers at existing levels fulled the downtrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 30 each to Rs 30,620 and Rs 30,470 per 10 gram, respectively.

The precious metal had gained Rs 400 in the previous three days. Sovereign however held steady at Rs 24,500 per piece of eight gram.

In sync with gold, silver ready dropped by Rs 300 to Rs 37,800 per kg and weekly-based delivery by Rs 200 to Rs 36,750 per kg. Silver coins however continued to be enquired at last level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.