Gold slips on global cues, muted demand

New Delhi: Gold eased by Rs 30 to Rs 30,630 per 10 gram on Tuesday, driven by a subdued global trend amid tepid demand from local jewellers.

Silver too plunged by Rs 335 to Rs 38,715 per kg due to poor offtake by industrial units and coin makers.

Marketmen said sentiment remained downbeat in tune with a weak trend overseas where gold prices hit 17-month low yesterday, losing out to the US Treasuries and a stronger dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira.

Globally, gold fell 1.49 percent to USD 1,193.10 an ounce and silver by 2.03 percent to USD 14.97 an ounce in New York in yesterday's trade.

Furthermore, sluggish demand from local jewellers and retailers at domestic spot market fuelled the downtrend, they said.

In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 30 each to Rs 30,630 and Rs 30,480 per 10 gram, respectively. The precious metal had lost Rs 40 in yesterday's trade.

Sovereign however remained unaltered at Rs 24,600 per piece of eight gram in limited deals.

In sync with gold, silver ready dropped by Rs 335 to Rs 38,715 per kg and weekly-based delivery by Rs 310 to Rs 37,740 per kg.

On the other hand, silver coins held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.