Gold, silver remain weak on subdued demand, lower global cues

Gold prices remained weak for the second straight session at the domestic bullion market here today due to poor offtake by stockists as well as lack of local buying support amid weak global cues.

Elsewhere, silver slipped following hectic speculative selling amid subdued industrial offtake.

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Standard gold (99.5 purity) moved down by Rs 75 per 10 grams to finish at Rs 28,685 from its last weekend's level of Rs 28,760.

Pure gold (99.9 purity) also dipped by a similar margin to end at Rs 28,835 per 10 grams compared to Rs 28,910 previously.

Silver (.999 fineness) dropped by Rs 245 to finish at Rs 38,090 per kg from Friday's close of Rs 38,335.

Globally, gold fell more than 1%, extending losses for a third day as the dollar strengthened, but prices remained underpinned by expectations that the ultra-low interest rate environment will persist on a global level.

Spot gold was down 0.8% at $1,244.91 an ounce in early trade.

Among other precious metals, silver was down 0.2% at $15.75 an ounce.