Gold prices went down by Rs 40 to Rs 31,650 per 10 grams at the bullion market today, driven by a weak trend overseas amid easing demand from local jewellers. However, silver held steady at Rs 40,500 per kg on scattered deals from industrial units and coin makers. Marketmen said besides weak global cues, a fall in demand from local jewellers and retailers at existing levels in the domestic spot market, mainly weighed on the gold prices.