Gold slips on reduced demand; silver plunges too

Gold declined for the third straight session at the domestic bullion market here today due to subdued offtake from stockists and traders, even as it strengthened overseas.
Silver too weakened by Rs 390 per kg due to reduced offtake by industrial units.
Standard gold (99.5 purity) declined by Rs 25 to end at Rs 29,115 per 10 grams from last Friday's closing level of Rs 29,140.
Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 29,265 per 10 grams from Rs 29,290.
Silver (.999 fineness) fell by Rs 390 to conclude at Rs 38,995 per kg as against Rs 39,385 earlier.

Globally, Gold edged back above USD 1,270 an ounce as a steadier tone to the dollar and a drop in bond yields tempted some buyers back to the metal after its third straight weekly decline.
Spot gold was up 0.1 per cent at USD $1,271.32 an ounce at early trade.
Among other precious metals, silver was 0.5 per cent higher at USD 16.88 an ounce.