Gold slides on weak global trend, muted demand

Gold prices fell by Rs 95 per 10 grams at the bullion market here today, tracking a weak trend overseas amid muted demand from local jewellers.

Silver, too, lost sheen due to reduced offtake by industrial units.

Standard gold (99.5 per cent purity) declined by Rs 95 to close at Rs 29,870 per 10 grams from Wednesday's closing level of Rs 29,965.

Pure gold (99.9 per cent purity) also went down by the same margin to finish at Rs 30,020 per 10 grams as against Rs 30,115 previously.

Silver (.999 fineness) moved down by Rs 120 a kg to end at Rs 38,215 against yesterday's level of Rs 38,335.

Globally, gold edged lower in response to an easing of trade tensions after the US agreed to refrain from imposing tariffs on cars from the European Union.

Spot gold slipped 0.2 per cent to USD 1,228.33 per ounce at early trade, after it rose 0.6 per cent on Wednesday.

Among other precious metals, silver edged 0.4 per cent lower to USD 15.50 an ounce.