Gold sheds Rs 150 on weak global cues

New Delhi: Gold prices slipped by Rs 150 to Rs 31,900 per 10 gram at the local market here on Wednesday due to weak global cues.

Besides, fall in demand from local jewellers too kept pressure on the precious metal.

Silver ready held steady at Rs 37,450 per kg on scattered support, while weekly-based delivery dropped by Rs 443 to Rs 36,219 per kg on speculative selling.

Traders said sentiment was downbeat as the precious metals weakened in global market. Also, fading demand from local jewellers as well as retailers at the domestic spot market weighed on the prices.

Globally, gold fell 0.08 per cent to USD 1,201.90 an ounce and silver by 0.11 per cent to USD 14.07 an ounce in Singapore on Wednesday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 150 to Rs 31,900 and Rs 31,750 per 10 gram, respectively.

The precious metal had lost Rs 100 on Tuesday. Sovereign, however, continued to be traded at Rs 24,800 per piece of 8 gram.

Silver weekly-based delivery tumbled by Rs 443 to Rs 36,219 per kg, while silver ready remained unaltered at Rs 37,450 per kg. Silver coins too were under pressure and fell by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.