Gold, silver down on sluggish demand

Both the precious metals, gold and silver, fell on Tuesday due to sluggish demand and reduced offtake by industrial units and coin makers.

While gold fell by Rs 15 to Rs 30,400 per 10 grams, silver lost Rs 150 to Rs 56,700 per kg.

Traders said sluggish demand from retailers mainly pulled down gold prices, while reduced off take by industrial units and coin makers kept pressure on silver prices.

Gold of 99.9 and 99.5 per cent purity declined by Rs 15 each to Rs 30,400 and Rs 30,200 per 10 grams, respectively.

Sovereigns, however, held steady at Rs 25,300 per piece of eight grams.

In line with a general weak trend, silver ready declined by Rs 150 to Rs 56,700 per kg and weekly-based delivery by Rs 160 to Rs 56,240 per kg.

Silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.