Gold slides on weak global cues, waning demand

Gold prices eased by Rs 70 to Rs 29,350 per ten gram at the bullion market today owing to slackened demand from local jewellers and a weak trend overseas.
However, silver edged up by Rs 45 to Rs 38,370 per kg on scattered deals from industrial units and coin makers.
Traders said apart from a weak trend overseas, easing demand from local jewellers and retailers, mainly led to decline in gold prices.
Globally, gold fell by 0.09 per cent to USD 1,257.30 an ounce in New York in yesterday's trade.
Market remained closed yesterday on account of 'Raksha Bandhan'.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 29,350 and Rs 29,200 per ten gram, respectively.

Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.
On the other hand, silver ready inched up by Rs 45 to Rs 38,370 per kg, while weekly-based delivery eased by Rs 50 to Rs 37,210 per kg on lack of buying support from speculators.
Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.