Gold loses Rs 85 on reduced offtake, weak global cues

Gold slipped from its previous record on Thursday by losing Rs 85 to Rs 29,355 per 10 grams, due to reduced offtake by stockists and retailers at existing higher levels amid a weakening global trend.

The metal had touched an all-time peak level of Rs 29,440 on Wednesday.

Silver also fell by Rs 400 to Rs 57,500 per kg on lack of buying support from industrial units.

Trading sentiments turned bearish as retail customers refrained from purchasing gold at prevailing higher levels and weakening global trend as declines in equities may spur sales of the metal.

Gold in global markets, which normally sets the price trend on the domestic front, dropped by 0.1 per cent to $1,762.88 an ounce in London.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 85 each to Rs 29,355 and Rs 29,215 per 10 gram.

However, sovereigns were enquired at previous level of Rs 23,300 per piece of eight grams in limited deals.

Similarly, silver ready fell by Rs 400 to Rs 57,500 per kg and weekly-based delivery by Rs 530 to Rs 57,205 per kg.

Silver coins continued to be asked at last level of Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.