Gold slides by Rs 120 on global cues, fall in demand

Gold prices eased by Rs 120 to Rs 29,530 per 10 gram at the bullion market today, owing to fall in demand from local jewellers and a weak trend overseas.
However, silver held steady at Rs 39,500 per kg in scattered deals from industrial units and coin makers.
Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at existing levels, mainly led to decline in gold prices.
Globally, gold fell by 0.02 per cent to USD 1,268.80 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 120 each to Rs 29,530 and Rs 29,380 per 10 gram, respectively. The precious metal had climbed Rs 350 yesterday.

Sovereign, however, ruled flat at Rs 24,500 per piece of eight gram.
On the other hand, silver ready held steady at Rs 39,500 per kg, while weekly-based delivery traded higher by Rs 135 to Rs 38,585 on speculative buying.
Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.