Gold price weakens further, dips below Rs 29,000-mark

New Delhi: Gold prices fell below Rs 29,000 per 10 grams level in futures trade Tuesday as speculators engaged in reducing their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in June fell by Rs 188, or 0.65 percent to Rs 28,943 per ten grams.

At Delhi bullion market, gold prices slipped by Rs 50 at Rs 29,600 per 10 grams on amid weak overseas trend and easing demand from local jewellers.

Traders said that apart from a weak trend overseas, where gold fell to almost two-week low, fading demand from local jewellers at domestic spot market kept pressure on prices.

Globally, gold prices fell 0.44 percent to USD 1,270.40 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity shed Rs 50 each at Rs 29,600 and Rs 29,450 per 10 grams, respectively. The precious metal had lost Rs 350 yesterday.

Sovereign, however, held steady at Rs 24,400 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 41,600 per kg on scattered buying,