Gold remained weak for the second straight day as the price fell by ₹20 to ₹31,540 per 10 gram at the bullion market on Thursday on tepid demand from local jewellers amid appreciating rupee, ignoring a firm trend overseas.
On the other hand, silver recovered by ₹60 to ₹37,160 per kg on scattered enquiries from industrial units amid better global cues.
Traders said muted demand from local jewellers as well as retailers largely dragged down gold prices, but a firm trend overseas capped the fall.
The appreciating rupee, making imports cheaper, also weighed on gold prices, they added.
The rupee jumped 74 paise to breach the 70 per dollar mark and touched 69.88, a three-month high level, in intra-day trade in the forex market on Thursday.
In the national capital, gold of 99.9% and 99.5% purity fell further by ₹20 each to ₹31,540 and ₹31,390 per 10 gram, respectively. The precious metal had lost ₹290 on Wednesday.
Sovereign gold, however, held steady at ₹24,700 per piece of 8 gram.
Globally, gold rose 0.36% to USD 1,225.10 an ounce, while silver edged up 0.32% to USD 14.33 an ounce, in Singapore as the dollar faltered following dovish comments from US Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes, capped the fall in gold.
On the other hand, silver ready recovered by 60 to ₹37,160 per kg and while weekly-based delivery by ₹82 to ₹35,864 per kg.
Silver coins, however, ruled flat at ₹72,000 for buying and ₹73,000 for selling of 100 pieces.
