Moving away from a three-day rise, gold prices sank 100 to Rs 29,200 per 10 grams today as global weakness and easing local demand came as a spoiler. Silver went the same way, which declined Rs 200 to Rs 39,300 per kg owing to lower demand from industrial units and coin makers. Enthusiasm for the yellow metal was lacking at the domestic spot market, traders said.
Globally, gold fell 0.16 per cent to USD 1,243.40 an ounce and silver by 0.27 per cent to USD 16.54 an ounce in Singapore. In Delhi, gold of 99.9 per cent and 99.5 per cent purity softened by Rs 100 each to Rs 29,200 and Rs 29,050 per 10 grams, respectively. The precious metal had gained Rs 200 in the previous three sessions.
Sovereign, however, remained flat at Rs 24,400 per piece of eight grams. Silver ready fell by Rs 200 to Rs 39,300 per kg and weekly-based delivery by Rs 390 to Rs 38,485 per kg. Silver coins continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.