Gold slips on reduced offtake, weak global cues

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Gold prices slipped by Rs 100 to Rs 29,850 per 10 grams at the bullion market today owing to reduced offtake by stockists and jewellers at existing levels amid a weak trend overseas.
However, silver held steady at Rs 41,100 per kg on scattered enquiries from industrial users.
Bullion traders said besides a weak trend overseas, sluggish demand from jewellers at the domestic spot market led to the fall in gold prices.
Globally, the metal fell 0.41 per cent to USD 1,271.50 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 29,850 and Rs 29,700 per 10 grams, respectively. It had gained Rs 100 yesterday.

Sovereign, however, remained flat at Rs 23,300 per piece of eight grams.
On the other hand, silver ready continued to be traded at yesterday's level of Rs 41,100 per kg, while weekly-based delivery traded lower by Rs 100 to Rs 41,230 per kg on lack of speculators' buying support.
Silver coins, however, remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.