Gold, silver slide on weak global cues, sluggish demand

Gold prices fell by Rs 100 to Rs 30,650 per 10 grams at the bullion market today, tracking a weak trend overseas amid muted demand from jewellers and retailers at the domestic spot market.
Silver also declined Rs 110 to Rs 46,220 per kg due to reduced offtake by industrial units and coin makers.
Traders attributed the fall in gold prices to a weak global trend and easing demand from jewellers and retailers at the prevailing level at domestic spot markets.
Globally, the yellow metal fell 0.41 per cent to USD 1,326.30 an ounce and silver by 0.73 per cent to USD 19.73 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs 100 each to Rs 30,650 and Rs 30,500 per 10 grams, respectively. It had gained Rs 200 yesterday.
Sovereign, however, remained steady at Rs 23,400 per piece of eight grams.
Following gold, silver ready moved down by Rs 110 to Rs 46,220 per kg and weekly-based delivery by Rs 35 to Rs 46,765 per kg.
Silver coins, however, were unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.