Gold drops Rs 100 on global cues, muted demand

Falling for the second straight session, gold prices slipped by another Rs 100 to Rs 29,000 per 10 grams today, largely in line with a weak trend overseas and easing demand from local jewellers.
However, silver held steady at Rs 38,700 per kg in limited deals from consuming industries.
Traders said a weakening trend in the overseas markets on firmer dollar against some currencies on US Fed' plan to stick to hiking rates kept gold prices lower.
Tepid demand from local jewellers and retailers at the domestic spot markets also fuelled the downtrend, they added.
Globally, gold fell 0.78 per cent to USD 1,243.60 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 100 each to Rs 29,000 and Rs 28,850 per 10 grams, respectively. The precious metal has lost Rs 70 yesterday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.
On the other hand, silver ready ruled steady at Rs 38,700 per kg, while weekly-based delivery eased by Rs 60 to Rs 38,300 per kg.
On the other hand, silver coins held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.