Gold slides on muted demand, weak global cues

Silver plunged by Rs 400 to Rs 39,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said muted demand from local jewellers and retailers at domestic spot market and a weak trend overseas as the dollar strengthened against major currencies overseas, reducing appeal of the precious metal as safe haven, mainly weighed on the precious metal prices.

Globally, gold fell 0.25 per cent to USD 1,309.30 an ounce and silver by 0.32 per cent to USD 16.88 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 25 each to Rs 30,475 and Rs 30,325 per ten gram, respectively. It had gained Rs 50 in the last two days.

Sovereign however was steady at Rs 24,700 per piece of eight gram.

Following gold, silver ready dropped by Rs 400 to Rs 39,500 per kg and weekly-based delivery by Rs 265 to Rs 38,835 per kg.

Silver coins too tumbled by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.