Gold, silver stay subdued on tepid demand

New Delhi, Feb 14 The downward movement of gold continued for the fourth straight day as costs dropped by Rs 50 to Rs 34,000 for every 10 grams at the bullion market Thursday attributable to slackened demand from local jewellers, despite positive global cues.

Also, silver shed Rs 150 to Rs 40,650 for each kg owing to reduced offtake by industrial units and coin makers.

All around, gold was trading 0.18 percent higher at USD 1,309.20 an ounce and silver by 0.52 percent to USD 15.71 an ounce in New York.

In the national capital, gold of 99.9 percent and 99.5 percent purities drifted lower by Rs 50 each to Rs 34,000 and Rs 33,850 for every 10 grams, respectively.

The precious metal had lost Rs 230 in the past three days.

Sovereign gold also weakened by Rs 100 to Rs 26,000 per piece of eight grams.

Tracking gold, silver ready declined by Rs 150 to Rs 40,650 for every kg, while week by week based conveyance fell by Rs 134 to Rs 39,490 for each kg.

On the other hand, silver coins continued to be traded at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.