Gold slid through the cracks as prices fell today below the Rs 29,000 mark, plunging Rs 190 to Rs 28,860 by 10 grams, in line with a weak overseas trend amid a fall in Local demand.
Silver followed suit and fell below the level of 38,000 rupees by losing Rs 600 to Rs 37,400 per kg due to reduced production of industrial units and coin manufacturers.
A slow trend developed abroad, traders said, as the dollar strengthened against a basket of currencies and global stocks rose on optimistic economic data, undermining precious metal demand as a safe haven.
Worldwide, gold fell 0.10% to USD 1,216.10 an ounce in Singapore. The demand for discoloration of local jewelers and retailers at existing levels weighed on gold prices as well.
In the national capital, gold of 99.9 percent and 99.5 percent of purity fell Rs 190 each to Rs 28,860 and Rs 28,710 per 10 grams, respectively. He had won Rs 270 in the last two days. Sovereign, however, remained unchanged at Rs 24,400 per piece of eight grams in limited offers.
After gold, ready silver fell by Rs 600 to Rs 37,400 per kilogram and weekly delivery-based on Rs 625 to Rs 36,375. Silver coins also plummeted Rs 2,000 to Rs 69,000 for purchase and Rs 70,000 for sale of 100 pieces.
