#Gold, silver turn weak on global cues, muted demand

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New Delhi, Aug 4 After rising for two straight days, gold prices plunged by Rs 200 to Rs 31,050 per ten grams at the bullion market today on weak global cues as well as fall in domestic demand from jewellers.

Silver cracked below the Rs 47,000-mark by falling Rs 870 to Rs 46,950 per kg on reduced offtake by industrial units and coin makers.

Traders said that besides a weak trend in the overseas markets ahead of release of US jobs data, slackened demand from jewellers and retailers led to the fall in prices here.

In the international market, gold fell 0.4 per cent to USD 1,352.48 an ounce and silver by 1.13 per cent to USD 20.15 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 200 each to Rs 31,050 and Rs 30,900 per 10 grams, respectively. The precious metal had gained Rs 270 in the previous two days.

Sovereign also traded lower by Rs 100 to Rs 23,200 per piece of eight grams.

Silver ready also dropped by Rs 870 to Rs 46,950 per kg and weekly-based delivery by Rs 1,170 to Rs 47,230 per kg.

Silver coins, too drifted lower by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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