Gold slips from record on sluggish demand at higher levels

New Delhi, Dec 3: Gold prices fell from records by losing Rs 50 to Rs 29,440 per 10 grams today, on slackened demand at existing high levels.

Silver also fell by Rs 550 to Rs 56,400 per kg on reduced offtake by industrial units. Market analysts said sluggish demand at existing higher levels mainly led to fall in the precious metal prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 29,440 and Rs 29,300 per 10 grams, respectively. The metal had climbed to an all-time high level of Rs 29,490 yesterday.

Sovereigns remained steady at Rs 23,350 per piece of eight grams in limited deals. In line with a general weakening trend, silver ready fell by Rs 550 to Rs 56,400 per kg and weekly-based delivery by Rs 460 to Rs 57,190 per kg.

However, silver coins found selective buying and rose by Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

PTI