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Gold down Rs.200 on weak global cues, fall in demand

PTI | New Delhi |

Gold prices slumped by Rs.200 to Rs.29,750 per 10 grams at the bullion market on Wednesday, tracking a weak trend overseas amid fall in demand from local jewellers.

Silver also declined by Rs.100 to Rs.43,100 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said that apart from a weak trend overseas, fall in demand from local jewellers and retailers at prevailing levels mainly pulled down gold prices.

Globally, gold fell 0.09 per cent to $1,234.30 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs.200 each to Rs.29,750 and Rs.29,600 per 10 grams respectively. It had gained Rs.250 on Tuesday.

Sovereign, however, remained unaltered at Rs.24,500 per piece of eight grams.

Following gold, silver ready traded lower by Rs.100 to Rs.43,100 per kg and weekly-based delivery by Rs.70 to Rs 42,655 per kg.

Silver coins, however, quoted at previous level of Rs.73,000 for buying and Rs.74,000 for selling of 100 pieces.