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Gold slips to Rs.29,330 on weak global cues, muted demand

PTI | New Delhi |

Gold prices softened by Rs.20 to Rs.29,330 per ten grams at the bullion market on Saturday, tracking a weak trend overseas amid easing demand from local jewellers.

Silver, however, advanced by Rs.425 to Rs.41,800 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides a weak trend overseas, easing demand from local jewellers at domestic spot market at prevailing levels mainly led to the decline in gold prices.

Globally, gold fell 0.14 per cent to $1,242.90 an ounce on Friday in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity traded lower by Rs.20 each to Rs.29,330 and Rs.29,180 per ten grams, respectively. The precious metal had gained Rs.350 on Friday.

Sovereign, however, remained flat at Rs.24,400 per piece of eight grams in scattered deals.

On the other hand, silver ready rose further by Rs.425 to Rs.41,800 per kg and weekly-based delivery by Rs.270 to Rs.41,530 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.