Gold slips from record; down by Rs 50 on sluggish demand

New Delhi, Nov 11: Both the precious metals, gold and silver, fell today due to slackness in demand at prevailing higher levels. While gold lost Rs 50 to Rs 29,090 per 10 grams, silver dropped by Rs 950 to Rs 57,050 per kg on reduced offtake by industrial units and coins-makers. Gold had climbed to an all-time high of Rs 29,140 yesterday.

Silver coins followed suit and plunged by Rs 2,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces. Traders said market sentiments were marred by the 'wait-and-watch policy adopted by retail customers for further fall in the metals' prices. Gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 29,090 and Rs 28,950 per 10 grams, respectively.

Sovereigns tumbled by Rs 700 to Rs 22,450 per piece of eight grams. Similarly, silver ready dropped by Rs 950 to Rs 57,050 per kg and weekly-based delivery by Rs 945 to Rs 56,925 per kg.

PTI