Gold softens on muted demand, silver goes below Rs 43,000 level

New Delhi: Gold prices eased by Rs 50 to Rs 29,900 per 10 grams today owing to slack demand from local jewellers even as the metal strengthened overseas. Silver followed suit and slipped below the Rs 43,000-mark by falling Rs 50 to Rs 42,950 per kg due to lower off-take.

Traders said sluggishness in demand from local jewellers and retailers mainly kept up pressure on precious metal prices, but a firm trend prevailed overseas as geo-political tensions drove the flight to safety, which capped the fall.

Globally, gold rose by 0.07 per cent to USD 1,288.70 an ounce and silver by 0.22 per cent to USD 18.56 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity slid Rs 50 each at Rs 29,900 and Rs 29,750 per 10 grams, respectively. Sovereign, however, remained flat at Rs 24,500 per piece of eight grams.

Silver ready too moved lower by Rs 50 to Rs 42,950 per kg while weekly-based delivery edged up by Rs 10 to Rs 42,580 per kg. Silver coins, however, continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.