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Gold slides Rs 150 on global cues, muted local demand

New Delhi: A day after rallying, gold prices fell by Rs 150 to Rs 29,300 per 10 grams at the bullion market on Friday, tracking a weak trend overseas amid muted demand from local jewellers.

Silver followed suit and slipped by Rs 225 to Rs 39,150 per kg due to reduced offtake by industrial units and coin makers.

Apart from a weak trend overseas, fall in demand from local jewellers and retailers mainly attributed the slide in gold prices, marketmen said.

Globally, gold fell 0.08 per cent to USD 1,257.60 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 150 each to Rs 29,300 and Rs 29,150 per 10 grams, respectively.

It had gained Rs 230 yesterday. Sovereign however remained unaltered at Rs 24,400 per piece of eight grams in limited deals.

Following gold, silver ready declined by Rs 225 to Rs 39,150 per kg and weekly-based delivery by Rs 370 to Rs 38,150 per kg.

Silver coins, however, continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

PTI