Gold weakens on muted demand, silver edges up

Gold today dropped by Rs 30 per ten gram, extending its losses for the fourth day at the bullion market here today owing to slackened demand from local jewellers and weak trend at overseas markets.
Silver edged up by Rs 10 per kg on mild offtake from industrial units.
Standard gold (99.5 per cent purity) fell by Rs 30 to close at Rs 30,250 per 10 grams from Monday's closing level of Rs 30,280.
Pure gold (99.9 per cent purity) also moved down by the same amount to end at Rs 30,400 per 10 grams compared to Rs 30,430 earlier.

However, silver (.999 fineness) moved up by Rs 10 to conclude at Rs 38,345 per kg as against Rs 38,335 yesterday.
Globally, gold slipped, pressured by a firmer dollar and concern that US inflation data later in the day will be robust, strengthening the case for more US interest rate hikes.
Spot gold was down 0.3 per cent at USD 1,318.35 per ounce at early trade.
In other precious metals, silver rose 0.1 per cent to USD 16.50 per ounce.