Gold loses sheen on lack of demand

Gold prices slipped for the second straight session at the bullion market here today, tracking a weak trend overseas amid fall in demand from local jewellers.

Silver also dropped on lack of demand from industrial users.

Standard gold (99.5 per cent purity) fell by Rs 75 to end at Rs 30,680 per 10 grams from Tuesday's level of Rs 30,755.

Pure gold (99.9 per cent purity) also eased by a similar margin to close at Rs 30,830 per 10 grams against Rs 30,905, previously.

Silver (.999 fineness) fell by 185 per kg to end at Rs 38,355 from Rs 38,540.

Globally, gold prices eased as a recovery in the dollar pulled prices further from the previous day's near six-week peak, though a drop in equities on the back of jitters over a US-China trade stand-off kept the metal underpinned.

Spot gold was down 0.6 per cent at USD 1,336.84 an ounce in early trade.

Among other precious metals, silver was trading down 0.2 per cent at USD 16.45 an ounce.

The bullion market will remain closed on Thursday and Friday on account of Mahavir Jayanti and Good Friday, respectively.