Gold slips below Rs 29,000 mark, silver lets go of Rs 600

New Delhi: Gold slipped through the cracks as prices today dropped below the Rs 29,000-mark by plunging Rs 190 to Rs 28,860 per 10 grams, in line with a weak trend overseas amid a fall in local demand.

Silver followed suit and slumped below the Rs 38,000 level by losing Rs 600 to Rs 37,400 per kg due to reduced offtake by industrial units and coin makers.

A sluggish trend developed overseas, marketmen said, as the dollar strengthened against a basket of currencies and global stocks rose on upbeat economic data, which sapped demand for the precious metal as a safe haven.

Globally, gold fell 0.10 per cent to USD 1,216.10 an ounce in Singapore. Fading demand from local jewellers and retailers at existing levels weighed on gold prices too.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went down Rs 190 each to Rs 28,860 and Rs 28,710 per 10 grams, respectively. It had gained Rs 270 in the past two days. Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams in limited deals.

Following gold, silver ready dropped by Rs 600 to Rs 37,400 per kg and weekly-based delivery by Rs 625 to Rs 36,375. Silver coins too plummeted Rs 2,000 to Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.