Gold prices decline by Rs 70 on easing demand, silver recovers

Globally, gold rose 0.12% to $1,206 an ounce in Singapore

Gold prices fell by Rs 70 to Rs 29,630 per 10 gram, owing to slackened demand from local jewellers even as the metal strengthen overseas.

On the other hand, silver recovered by Rs 50 to Rs 41,600 per kg on increased offtake by industrial units and coin makers.

Traders attributed the slide in gold prices to a fall in demand from local jewellers and retailers but a firm trend overseas capped the losses.

Globally, gold rose 0.12 per cent to USD 1,206 an ounce in Singapore as weakness in the dollar boosted demand for the precious metal as a safe-haven.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slipped by Rs 70 each to Rs 29,630 and Rs 29,480 per 10 grams respectively.

Sovereign, however, held steady at Rs 24,300 per piece of eight gram.

On the other hand, silver ready edged up by Rs 50 to Rs 41,600 per kg and weekly-based delivery traded higher by a similar margin to Rs 41,450 per kg.

Silver coins, however, continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.