Gold slides on weak global cues, muted demand

Gold dipped by Rs 10 to Rs 30,500 at the bullion market today, largely in sync with a weak trend overseas amid falling demand from local jewellers.

Silver also fell by Rs 300 to Rs 40,700 per kg due to reduced offtake by industrial units and coin makers.

Traders said a subdued trend overseas as firming dollar eroded demand for the precious metals, mainly influenced sentiment here.

Globally, gold fell 0.30 per cent to USD 1272.50 an ounce and silver by 0.35 per cent to USD 16.84 an ounce in Singapore.

In addition, fall in demand from local jewellers and retailers and shifting of funds towards the soaring equity also weighed on the prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 10 each to Rs 30,500 and Rs 30,350 per ten gram, respectively. It had gained Rs 60 yesterday.

Sovereign however was steady at Rs 24,700 per piece of eight gram.

Tracking gold, silver ready fell by Rs 300 to Rs 40,700 per kg and weekly-based delivery by Rs 270 to Rs 39,635 per kg.

Silver coins however continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)