Gold, silver fall on weak demand

Gold prices slipped by Rs 125 per 10 grams at the bullion market here on Tuesday due to slack demand from local jewellers, even as the metal made headway overseas.

Silver also moved down by Rs 240 per kg due to lack of buying support from industrial units.

Standard gold (99.5 purity) declined by Rs 125 to end at Rs 30,055 per 10 grams from Monday’s closing level of Rs 30,180.

Pure gold (99.9 purity) also eased by a similar margin to finish at Rs 30,205 per 10 grams as against Rs 30,330 on Monday.

Silver (.999 fineness) also moved down by Rs 240 per kg to conclude at Rs 38,570 from Rs 38,810 previously.

Globally, gold edged up as the dollar dipped and most other markets were subdued before Federal Reserve Chair Jerome Powell testifies to the US Congress, though the precious metal was not far off a recent seven month low.

Spot gold was up 0.2 per cent at USD 1,243.34 an ounce at early trade.

Silver rose 0.4 per cent to USD 15.81 an ounce.