Gold loses sheen on weak global cues, muted demand

New Delhi: Gold continued its slide for the third straight day and lost another Rs 50 to Rs 29,115 per 10 grams tracking weak global cues and muted demand from local jewellers at the bullion market today.

Silver also declined by Rs 50 to Rs 39,050 per kg due to reduced offtake by industrial units and coin makers.

Traders said, besides weak trend overseas as upbeat US economic data strengthened the dollar and eroded demand for the precious metals, fading demand from local jewellers and retailers at domestic spot market, mainly kept pressure on gold prices.

Globally, gold fell by 0.51 per cent to USD 1,253.70 an ounce and silver by 0.80 per cent to USD 16.73 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 50 each to Rs 29,115 and Rs 28,965 per 10 grams, respectively. The precious metal has lost Rs 155 in last two days.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

In sync with gold, silver ready eased by Rs 50 to Rs 39,050 per kg and weekly-based delivery traded lower by Rs 200 to Rs 38,765 per kg.

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