#Gold, silver remain weak on subdued demand

Mumbai, Mar 16 (PTI) Gold weakened further for the third straight session at the domestic bullion market here today due to poor offtake by stockists as well as lack of local buying support.

Silver also continued its downfall owing to sluggish industrial demand.

Standard gold (99.5 purity) moved down by Rs 80 per 10 grams to finish at Rs 28,685 from its overnight closing level of Rs 28,765.

Pure gold (99.9 purity) also dipped by a similar margin to end at Rs 28,835 per 10 grams compared to Rs 28,915 previously.

Silver (.999 fineness) dropped by Rs 225 to finish at Rs 37,325 per kg from yesterday’s close of Rs 37,550.

Globally, gold held above USD 1,230 an ounce, as investors awaited the outcome of the Federal Reserve’s latest policy meeting, which they hope will offer clues on the pace of the US interest rate hikes this year.

Spot gold was at USD 1,232.76 an ounce in early European trade, while silver was up 0.3 percent at USD 15.30 an ounce.