Gold sheds Rs 85 on global cues, tepid demand

New Delhi: Gold prices fell by Rs 85 to Rs 29,165 per 10 grams at the bullion market today, tracking a weak trend overseas amid muted demand from local jewellers.

However, silver held steady at Rs 39,100 per kg on scattered enquiries from consuming industries.

Traders said apart from weak global cues, a fall in demand from local jewellers at domestic spot market mainly kept gold prices lower.

Globally, gold fell 0.47 per cent to USD 1,260.10 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined further by Rs 85 each to Rs 29,165 and Rs 29,015 per 10 grams, respectively.

The precious metal had lost Rs 70 yesterday. Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 39,100 per kg, while weekly-based delivery edged up by Rs 15 to Rs 38,965 per kg.

However, silver coins continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.