Slack demand pulls down gold prices

New Delhi: Gold fell Tuesday by Rs 100 to Rs 31,450 per 10 gram on sluggish demand from jewellers even as the metal firmed up overseas.

Silver held steady at Rs 37,950 per kg on scattered demand from industrial units and coin makers.

According to traders, easing demand from jewellers and retailers mainly led to the slide in gold prices in the domestic spot market but a firm trend overseas, capped the fall.

Globally, gold edged up 0.07 percent to USD 1,196.20 an ounce and silver by 0.28 percent to USD 14.20 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity shed Rs 100 each to Rs 31,450 and Rs 31,300 per 10 gram, respectively. It had climbed Rs 200 in yesterday's trade.

Sovereign however remained unchanged at Rs 24,500 per piece of eight gram in limited deals.

On the other hand, silver ready ruled flat at Rs 37,950 per kg on some support while weekly-based delivery rose by Rs 80 to Rs 37,405 per kg.

Silver coins however held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.