Gold slips from record down by Rs 10, silver up by Rs 350

Gold today slipped from record highs and shed Rs 10 to Rs 29,740 per 10 grams due to swindling demand at prevailing higher levels, while silver spurted by Rs 350 to Rs 56,250 per kg on speculative buying.

Traders said fall in demand at existing higher levels mainly pulled down gold prices from record highs. However, speculative buying and increased offtake by industrial units and coin makers pushed up silver prices, they said.

On the domestic front, gold of 99.9 and 99.5% purity declined by Rs 10 each to Rs 29,740 and Rs 29,600 per 10 grams, respectively. The yellow metal had climbed to an all-time high level of Rs 29,750 Friday.

However, sovereigns found selective buying and rose by Rs 50 to Rs 23,850 per piece of eight grams. Silver ready surged by Rs 350 to Rs 56,250 per kg and weekly-based delivery by Rs 200 to Rs 56,600 per kg, while silver coins rose by Rs 1000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.