Gold prices softened amid lustreless trade at the bullion market on Saturday on lack of buying interest.
Silver also declined further due to subdued industrial demand, coupled with poor speculative off—take.
Standard gold (99.5 purity) edged down by Rs 5 per 10 gm to settle at Rs 30,435 from Friday’s closing level of Rs 30,440 while, pure gold (99.9 purity) finished unchanged at Rs 30,570 per 10 gm.
Silver ready (.999 fineness) fell by Rs 40 per kg to close at Rs 57,740 from Rs 57,780 yesterday.
The overall trading sentiment continued to be negative as traders are very cautious and avoiding any long positions at this juncture due to ongoing uncertainty in global markets over the US budget talks, a bullion trader commented.
In New York, gold remained under selling pressure in view of year—end profit—taking amid strong dollar valuations.
Gold for February delivery shed $7.80 to close at $1,656.30 an ounce on the Comex division of the NYMEX late yesterday.
March silver contract also slipped 27 cents to conclude at $29.98 an ounce.