Gold slips from over 2-month high, silver down on muted demand

New Delhi: Gold prices retreated from over two-month highs by falling Rs 165 to Rs 26,385 per ten gram at the bullion market today owing to slackened demand from jewellers and retailers at the prevailing levels even as the metal strengthened in global market.

Silver in restricted activity also shed Rs 15 to Rs 34,000 per kg on reduced offtake by industrial units and coin makers. Marketmen said drop in demand from jewellers and retailers at existing level mainly led to decline in gold and silver prices but a firm trend overseas capped the losses. Globally, gold rose by 0.4 percent to USD 1,093.46 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 percent purity plunged by Rs 165 each to Rs 26,385 and Rs 26,235 per ten grams, respectively. It had climbed Rs 340 in Saturday's trade.

Sovereign too declined by Rs 100 to Rs 22,300 per piece of eight gram. Following gold, silver ready eased by Rs 15 to Rs 34,000 per kg and weekly-based delivery by Rs 25 to Rs 34,000 per kg. Silver coins, however, held steady at Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.