Gold, silver prices fall further on weak demand, global cues
Gold fell by Rs 275 to Rs 31,425 per ten grams after losing Rs 2,200 in the last two sessions, while silver shed another Rs 70 at Rs 53,930 per kg after losing Rs 4,500 in last two days.
Traders said increased selling by stockists in view of falling demand at prevailing higher levels and a weakening global trend mainly kept pressure on gold and silver prices.
Gold in New York, which normally set price trend on the domestic front, fell by 10.70 dollar to 1,396.50 and silver by 1.42 per cent to 23.53 dollar an ounce.
In addition, strengthening the rupee against the American currency and recovery in equity markets further influenced the sentiment in dollar-priced precious metals, they said.