Gold, silver lose shine on muted demand

Gold prices eased by Rs 240 per 10 grams at the bullion market here today owing to slackened demand from jewellers and customers at prevailing levels amid steady global cues.
Silver, however, dropped by Rs 550 per kg due to slackened buying support from industrial units.
Standard gold (99.5 purity) plunged by Rs 240 to finish at Rs 29,115 per 10 grams from last Friday's closing level of Rs 29,355.
Pure gold (99.9 purity) also fell to end at Rs 29,265 per 10 grams compared with Rs 29,505 earlier.
Silver (.999 fineness) also dipped by Rs 550 per kg to finish at Rs 40,250 from Rs 40,800 previously.

Globally, gold steadied as a retreat in the dollar helped arrest the previous session's 1.3 per cent slide, but moves were muted ahead of the Federal Reserve policy meeting later this week.
Spot gold was at USD 1,231.13 an ounce in early trade, little changed from late on Friday, while the US gold futures for June delivery were up USD 2.90 an ounce at USD 1,232.90.
Among other precious metals, silver, which rallied 4.5 per cent last week, touching an 11-month high on the way, was down 0.4 percent at USD 16.85 an ounce.