Gold, silver continue slide on weak global trend, tepid demand

New Delhi: Gold continued to slide for the second straight day on Saturday as prices fell by Rs 50 to Rs 30,250 per 10 grams at the bullion market, tracking a weak global trend amid tepid demand from jewellers.

Silver too followed suit and lost Rs 150 at Rs 42,200 per kg.

Bullion traders said sentiment remained bearish largely in line with a weakening global trend where gold declined for a third day as investors weighed the likelihood of higher US interest rates after a consumer confidence gauge unexpectedly dropped.

Globally, gold fell 0.58 per cent to USD 1,250.50 an ounce and silver by 0.49 per cent to USD 17.38 an ounce in New York in yesterday's trade.

Furthermore, a fading demand from jewellers as well as retailers at the domestic spot market, fuelled the downtrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 50 each to Rs 30,250 and Rs 30,100 per 10 grams, respectively. The precious metal had lost Rs 100 in yesterday's trade.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams.

Following gold, silver ready eased by Rs 150 to Rs 42,200 per kg and weekly-based delivery by Rs 130 to Rs 41,820 per kg.

On the other hand, silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.