Gold sheds Rs 150 on global cues, muted demand

Gold prices drifted lower by Rs 150 to Rs 29,700 per ten gram today, tracking a weak trend overseas amid fall in demand from local jewellers.

Silver, however, held steady at Rs 40,200 per kg in scattered deals.

Traders said apart from a weak trend overseas, easing demand from local jewellers and retailers at domestic spot market mainly pulled down the gold prices.

Globally, gold fell 0.35 per cent to USD 1,285.80 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 150 each to Rs 29,700 and Rs 29,550 per ten gram, respectively. It had gained Rs 150 yesterday.

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

On the other hand, silver ready held steady at Rs 40,200 per kg, while weekly-based delivery edged up by Rs 5 to Rs 39,050 per kg.

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