Gold falls on subdued demand; silver up on scattered buying

New Delhi, Feb 21. Gold prices fell by Rs 100 to Rs 31,150 per ten grams in the national capital today on slackened demand amid a weak global trend. However, silver recovered by Rs 50 to Rs 47,550 per kg on scattered buying. Traders said sluggish demand and a weak global trend on speculation that recent rally is curbing physical demand in Asia and as the US Federal Reserve indicated that it will press on with cuts to stimulus, mainly influenced the sentiment. Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to USD 1,316.08 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 31,150 and Rs 30,950 per ten grams, respectively. Sovereign followed suit and lost Rs 100 at Rs 25,400 per piece of eight grams. On the other hand, silver ready recovered by Rs 50 to Rs 47,550 per kg and weekly-based delivery by Rs 140 to Rs 47,350 per kg, while silver coins remained steady at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.