Gold slips below Rs 29,000 on global cues, fall in demand

Gold prices tumbled by Rs 290 to trade at six-week low of Rs 28,930 per ten gram at the bullion market today amid a weak trend overseas and slump in demand from local jewellers.
Silver followed suit and fell by Rs 200 to Rs 38,500 per kg.
Traders said apart from a weak trend overseas, drop in demand from local jewellers and retailers at domestic spot market mainly pulled down gold prices.
Globally, gold fell 0.27 per cent to USD 1,223.40 an ounce and silver by 0.56 per cent to USD 15.98 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 290 each to Rs 28,930 and Rs 28,780 per ten gram respectively, a level last seen on May 23. It had lost Rs 190 in last three days.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight gram.
Silver ready also declined by Rs 200 to Rs 38,500 per kg, while weekly-based delivery edged up by Rs 155 to Rs 37,485 per kg.
Silver coins, however, continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.