Gold down by Rs 50 on stockists selling, weak global cues

Gold prices declined by Rs 50 to Rs 31,000 per 10 grams here today on fresh selling, amid a weak global trend. On the other hand, silver rose by Rs 215 to Rs 58,865 per kg on increased offtake by industrial units. Traders said stockists selling on the back of subdued demand amid a weak global trend mainly led to the decline in gold prices. The precious prices in London fell by USD 1.60 to USD 1,665.70 an ounce. However, increased offtake by industrial units and coin makers helped silver prices to strengthen, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 31,000 and Rs 30,800 per 10 grams, respectively, while sovereigns held steady at Rs 25,350 per piece of eight grams. On the other hand, silver ready strengthened by Rs 215 to Rs 58,865 per kg and weekly-base delivery by Rs 150 to Rs 58,310 per kg. The white metal had gained Rs 50 in the previous session. Silver coins remained steady at Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces in restricted activity.