Gold price falls to Rs. 29,300; silver down at Rs. 39,150

Mumbai-India (July 28)  Gold prices fell Rs. 150 to Rs. 29,300 per 10 grams at the bullion market today, tracking a weak trend overseas amid muted demand from local jewellers.

Silver followed suit and slipped by Rs. 225 to Rs. 39,150 per kg due to reduced offtake by industrial units and coin makers.

Apart from a weak trend overseas, fall in demand from local jewellers and retailers mainly attributed to the slide in gold prices, marketmen said.

Globally, gold fell 0.08 per cent to $1,257.60 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs. 150 each to Rs. 29,300 and Rs. 29,150 per 10 grams, respectively. It had gained Rs. 230 yesterday.

Sovereign however remained unaltered at Rs. 24,400 per piece of eight grams in limited deals.

Following gold, silver ready declined by Rs. 225 to Rs. 39,150 per kg and weekly-based delivery by Rs. 370 to Rs. 38,150 per kg. Silver coins, however, continued to be traded at previous level of Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.

BusinessLine