Gold prices slipped after their two-session surge at the domestic bullion market on Friday following subdued demand from stockists and investors mainly on a turnaround in international markets. Silver weakened further and declined Rs 390 per kg on speculative selling and reduced industrial demand.
Standard gold (99.5 purity) dropped by Rs 210 to end at Rs 29,750 per 10 grams from Thursday’s closing level of Rs 29,960. Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 29,900 per 10 grams as compared to Rs 30,110 previously.
Silver (.999 fineness) slumped by Rs 390 per kg to close at Rs 42,680 as against Rs 43,070 on Thursday.
Globally, gold fell as the dollar rose and investors focused on US retail sales data and comments from Federal Reserve officials that could put the central bank on track to raise interest rates by year-end. Spot gold was down 0.4 per cent at USD 1,253 an ounce in early trade. US gold futures fell 0.3 per cent at USD 1,254 an ounce.
Among other precious metals, silver slipped 0.2 per cent to USD 17.42 an ounce. The metal was on track for its third consecutive weekly loss.