Gold falls off 29-month high on weak global cues, muted demand

Gold prices retreated from a 29-month high by plunging Rs 360 to Rs 30,980 per 10 grams in the bullion market today, on falling demand from jewellers amid a weak trend overseas.
However, silver firmed up by Rs 320 to Rs 47,400 per kg on increased offtake by industrial units and coin makers.
Traders said a muted gold demand from jewellers at the existing higher levels and a weak trend overseas mainly contributed to the fall.
Globally, gold fell 0.19 per cent to USD 1,347.90 an ounce in Singapore. The precious metal has gone up by 27 per cent this year, rising 2.2 per cent in July.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 360 to Rs 30,980 and Rs 30,830 per 10 grams, respectively. It had risen by Rs 540 in Saturday's trade.
Sovereign followed suit and declined by Rs 200 to Rs 24,100 per piece of eight grams.
On the other hand, silver ready recovered by Rs 320 to Rs 47,400 per kg and weekly-based delivery strengthened by Rs 375 to Rs 47,855 per kg on speculative activity.
Silver coins, however, held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.