Gold down on weak buying support, silver slips

Gold prices moved down modestly due to subdued buying from stockist and retailers at the existing levels despite bullish overseas sentiments.

Silver dropped on heavy speculative unwinding coupled with poor industrial demand.

Standard gold (99.5 purity) moved down by Rs 40 to Rs 30,320 per 10 grams at 1400 hrs from Rs 30,360 on Friday.

Pure gold (99.9 purity) also fell by Rs 50 to Rs 30,490 per 10 grams as compared to Rs 30,540 yesterday, according to Riddisiddhi Bullions Ltd.

Silver (0.999 fineness) declined by Rs 310 to Rs 46,890 per kg at 1400 hrs from Rs 47,200 previously.

Globally, gold gained as geopolitical jitters ahead of Crimea's referendum, a weaker dollar and lacklustre demand for US equities helped gold surge more than 3 % during the week.

Gold for April delivery rose by USD 6.60 to settle at USD 1,379 an ounce on the Comex division of the NYMEX late yesterday and May silver also added 22 cents to close at USD 21.41 an ounce.