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Gold down Rs 200 on weak global cues, fall in demand

New Delhi: Gold prices slumped by Rs 200 to Rs 29,750 per 10 grams at the bullion market today, tracking a weak trend overseas amid fall in demand from local jewellers.

Silver also declined by Rs 100 to Rs 43,100 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said that apart from a weak trend overseas, fall in demand from local jewellers and retailers at prevailing levels mainly pulled down gold prices.

Globally, gold fell 0.09 per cent to USD 1,234.30 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 29,750 and Rs 29,600 per 10 grams respectively. It had gained Rs 250 yesterday.

Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.

Following gold, silver ready traded lower by Rs 100 to Rs 43,100 per kg and weekly-based delivery by Rs 70 to Rs 42,655 per kg.

Silver coins, however, quoted at previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.