Mumbai: Amid a weak trend overseas and easing demand from jewellers, gold slid for the second straight day and lost Rs 170 per 10 grams at the bullion market here today.
Silver followed suit and eased owing to reduced off take by industrial units. Standard gold (99.5 per cent purity) dropped by Rs 170 to end at Rs 29,065 per 10 grams from Wednesday's closing level of Rs 29,235.
Pure gold (99.9 per cent purity) also moved down by a similar margin to Rs 29,215 per 10 grams as compared to Rs 29,385 earlier. Silver (.999 fineness) fell by Rs 300 to conclude at Rs 41,610 per kg as against Rs 41,910 previously.
Globally, gold prices were down on a strong dollar after Federal Reserve Chair Janet Yellen advocated lifting US interest rates gradually. Spot gold was down 0.1 per cent to USD 1,202 per ounce in early trade, after dropping to as much as USD 1,197.31. The bullion hit an eight-week high of USD 1,218.64 on Tuesday. Silver fell 0.2 per cent to USD 16.98 an ounce.
