Gold slips by Rs 150; silver below Rs 40K-mark

Gold prices declined by Rs 150 to Rs 29,800 per ten gram at the bullion market today, tracking a weak trend overseas amid muted demand from local jewellers.

Silver followed suit and slipped below the Rs 40,000level by falling Rs 100 to Rs 39,900 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, an uptick in the dollar reduced appeal of precious metals as a safehaven and fading demand from local jewellers and retailers at domestic spot market mainly led to slide in the precious metal prices.

Globally, gold fell by 0.60 per cent to USD 1,283.50 an ounce and silver by 0.41 per cent to USD to 16.92 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 150 each to Rs 29,800 and Rs 29,650 per ten gram, respectively.

Sovereign, however, remained unaltered at Rs 24,500 per piece of eight gram in limited deals.

Following gold, silver ready declined by Rs 100 to Rs 39,900 per kg, while weekly-based delivery edged up by Rs 15 to Rs 38,895 per kg.

Silver coins, however, held steady trend at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.