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Gold slips Rs 100 on lacklustre demand

PTI | New Delhi |

Gold prices fell by another Rs 100 to Rs 29,650 per 10 grams on Saturday, mostly on account of slack demand from local jewellers, ignoring a firm trend overseas.

However, silver recovered by Rs 200 to Rs 37,900 per kg on scattered enquiries from industrial units.

Market analysts said tepid demand from local jewellers and retailers at the domestic spot market weighed heavy on the yellow metal but a better trend overseas capped the losses.

Globally, gold was trading higher by 0.11 per cent to USD 1,248.20 an ounce and silver by 0.80 per cent to USD 15.82 an ounce in New York on Friday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs 100 each to Rs 29,650 and Rs 29,500 per 10 grams, respectively. The precious metal has lost Rs 500 over the past three days.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams.

On the other hand, silver ready recovered by Rs 200 to Rs 37,900 per kg and weekly-based delivery by Rs 85 to Rs 37,065 per kg.

Silver coins, however, continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.