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Gold gets a demand jolt, slips Rs 150 to below Rs 29,000

Gold gets a demand jolt, slips Rs 150 to below Rs 29,000

NEW DELHI: Gold prices cracked below the Rs 29,000-mark by plunging Rs 150 to Rs 28,900 per 10 grams, taking a hit from sluggish trend overseas and fall in demand from local jewellers.

Silver also fell by Rs 180 to Rs 40,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said demand weakness brought on by the end of wedding season at the domestic spot market kept up the heat.

Globally, gold fell by 0.22 per cent to USD 1,201.10 an ounce and silver by 0.35 per cent to USD 16.89 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 150 each to Rs 28,900 and Rs 28,750 per 10 grams, respectively. The precious metals had gained Rs 200 on Saturday. The market was shut yesterday on account of Holi.

Sovereign, however, moved up by Rs 100 to Rs 24,400 per piece of eight grams in scattered deals.

Following gold, silver ready declined by Rs 180 to Rs 40,800 per kg and weekly-based delivery traded lower by a similar margin to Rs 40,350 per kg.

Silver coins too plummeted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.