Gold softens on muted demand; silver weakens

Gold prices fell by Rs 135 per 10 grams today owing to slackened demand from jewellers, even as the metal strengthened overseas.
Silver followed suit and dropped by Rs 90 per kg on reduced offtake by industrial units.
Standard gold (99.5 purity) fell by Rs 135 to close at Rs 28,400 per 10 grams from its overnight closing level of Rs 28,535.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 28,550 per 10 grams against Rs 28,685 earlier.
Silver (.999 fineness) dropped by Rs 90 to finish at Rs 36,640 per kg from yesterday's close of Rs 36,730.

Globally, Gold was slightly higher, just up from its lowest in nearly five months in the previous session, and ahead of the start of a two-day US Federal Reserve meeting.
Spot gold rose 0.2 per cent to USD 1,244.74 an ounce at early trade.
Among other precious metals, silver rose 0.4 per cent to USD 15.77 an ounce.