Gold slides by Rs 150 on weak global cues, muted demand

Gold drifted lower by Rs 150 to Rs 30,000 per 10 grams at the bullion market today, tracking weak trend overseas amid tepid local demand from jewellers and retailers.
Silver, however, ended stable at Rs 43,850 per kg in scattered deals.
Traders said that apart from a weak trend overseas where the rising dollar nibbled at 'safe haven' appeal of precious metals, low demand from local jewellers at the domestic spot markets mainly kept pressure on gold prices.
Globally, gold fell 0.30 per cent to USD 1,244.10 an ounce and silver 0.03 per cent to USD 18.29 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 150 each to Rs 30,000 and Rs 29,850 per 10 grams, respectively. Gold had gained Rs 25 yesterday.
Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.
On the other hand, silver ready held steady at Rs 43,850 per kg, while weekly-based delivery declined by Rs 110 to Rs 43,150 per kg.
Silver coin traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.