Gold loses sheen in Diwali trade, down Rs 250

Silver followed suit and cracked below the Rs 41,000-mark by falling Rs 200 to Rs 40,800 per kg on reduced offtake by industrial units and coin makers.

The slide in gold prices was attributed to absence of worthwhile activity as jewellers and retailers made token purchases on the auspicious occasion of 'Diwali' and beginning of Hindu Samvat year 2074.

Overseas, gold rose 0.43 per cent to USD 1,286 and silver gained 0.15 per cent to USD 16.99 an ounce in London.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 250 each to Rs 30,750 and Rs 30,600 per 10 grams respectively.

The yellow metal had gained Rs 290 yesterday.

Sovereign, however, remained steady at Rs 24,700 per piece of eight grams.

In line with overall trend, silver ready drifted down by Rs 200 to Rs 40,800 per kg, while weekly-based delivery edged up by Rs 40 to Rs 39,900 per kg.

Silver coins also remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.