Gold slips on muted demand, global cues

Gold plunged by Rs 185 to Rs 29,040 per 10 grams at the bullion market today on slackened demand from jewellers and customers at existing higher levels and a weak trend overseas.
On the other hand, silver ended steady at Rs 39,200 per kg on scattered support.
Traders said besides a weak global trend where it slipped from a five-week high, easing demand from jewellers and retailers at prevailing level at domestic spot market mainly caused the fall in gold prices.
Globally, gold fell 0.18 per cent to USD 1,241.20 an ounce and silver by 0.03 per cent to USD 16.38 an ounce in Singapore.

An appreciating rupee against the dollar, which made import of precious metals cheaper, also weighed on the sentiment.
Meanwhile, the rupee strengthened by 33 paise to 66.92 against the dollar (intra-day) at the forex market today.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity tumbled by Rs 185 each to Rs 29,040 and Rs 28,890 per 10 grams, respectively. The precious metal had surged by Rs 505 in Saturday's trade.
Sovereign, however, found some buying support from retailers and edged up by Rs 100 to Rs 22,900 per piece of eight grams.
Silver ready continued to trade at previous level of Rs 39,200 per kg while weekly-based delivery inched up by Rs 75 to Rs 39,155 per kg on speculators' buying.

Silver coins were unaltered at Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.