Gold slides on weak global cues, silver plunges

Gold prices eased by Rs 90 to Rs 29,440 per 10 gram at the bullion market here today owing to slackened demand from local jewellers and a weak trend overseas.

Silver prices, too, dropped owing to lack of industrial buying support.

Standard gold (99.5 per cent purity) fell by Rs 90 to close at Rs 29,440 per 10 gram from Tuesday's closing level of Rs 29,530.

Pure gold (99.9 per cent purity) also moved up by a similar margin to end at Rs 29,590 per 10 gram as against Rs 29,680 previously.

Silver (.999 fineness) dipped by Rs 285 to finish at Rs 37,650 per kg as against Rs 37,935.

Globally, gold prices steadied. However, expectations of a higher dollar due to rising US interest rates and strong demand for the US treasury bonds are expected to have an impact on the sentiment.

Spot gold was unchanged at USD 1,210.60 an ounce at early trade.

Silver rose by 0.1 per cent to USD 15.35 an ounce.