Falling for the fourth straight day, gold prices dipped by Rs 15 to Rs 31,460 per 10 grams due to lacklustre demand and weak global cues. Silver prices too declined by Rs 515 to Rs 36,560 per kg on weak demand from industrial units and coin makers.

Traders said mild demand from jewellers and retailers and weak global cues weighed on gold prices.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 15 each to Rs 31,460 and Rs 31,310 per 10 grams, respectively. The yellow metal had lost Rs 65 on Friday. Sovereign gold, however, held steady at Rs 24,700 per piece of 8 grams.

Globally, gold traded lower at $1,221.88 an ounce in New York, while silver dropped to $ 14.17 an ounce.

Meanwhile, silver ready fell by Rs 515 to Rs 36,560 per kg, while weekly-based delivery declined by Rs 459 to Rs 35,147 per kg. Silver coins, however, ruled flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.