Gold slips from record; down by Rs30 on weak spot demand

Gold slips from record; down by Rs30 on weak spot demand

New Delhi: Gold fell by Rs30 to Rs29,265 per 10 grams on Tuesday, due to slackness in demand at existing higher levels amid weak global cues. Silver followed suit and moved down by Rs500 to Rs57,500 per kg on reduced offtake by industrial units.

Trading sentiments turned bearish after gold dropped in global markets as euro fell against the dollar on concern that Europe will struggle to contain its debt crisis, traders said.

Gold in global markets, which normally sets the prices on the domestic front, lost 0.8% to $1,765.53 an ounce in Singapore.

In addition, sluggish demand from retail customers at prevailing higher levels also dampened the trading sentiment, they added.

On the domestic front, gold of 99.9 and 99.5% purity declined by Rs30 each to Rs29,265 and Rs29,125 per 10 grams, respectively.

However, sovereigns continued to be asked around previous level of Rs23,300 per piece of eight grams.

Silver ready fell by Rs500 to Rs57,500 per kg and weekly-based delivery by Rs695 to Rs57,300 per kg, while silver coins remained stable at Rs65,000 for buying and Rs66,000 for selling of 100 pieces.