Gold declines on sluggish demand

Snapping its two-days gaining trend, gold prices declined in the national capital today due to sluggish demand at prevailing higher levels.

The yellow metal dipped by Rs 160 to Rs 29,900 per ten grams.

Traders said sluggish demand at prevailing higher levels and market expectation of a correction in the prices mainly led the fall in gold and silver prices.

On the domestic front, gold of 99.9 and 99.5% purity fell by Rs 160 each to Rs 29,900 and Rs 29,700 per ten grams, respectively.

The metal had gained Rs 340 in the previous two sessions.