Gold loses ground on demand decline, silver bounces

New Delhi: Gold lost some of its shine as the price eased by Rs 90 to Rs 29,810 per 10 grams today, aligning with a sluggish trend overseas amid fall in local demand.

Silver, however, made a smart comeback by recovering Rs 210 to Rs 42,460 per kg, supported by increased offtake by industrial units.

According to traders, drop in demand from local jewellers at the domestic spot market, apart from a weak trend overseas, was a big drag.

Globally, gold softened by 0.12 per cent to USD 1,278.70 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 90 each to Rs 29,810 and Rs 29,660 per 10 grams, respectively.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 210 to Rs 42,460 per kg while weekly-based delivery shed Rs 20 at Rs 41,810 per kg.

Silver coins, however, remained flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.