Gold slumped for the third day today, losing Rs 90 to Rs 29,220 per 10 grams, owing to slack demand from local jewellers even as the metal strengthened overseas. However, silver price shot up by Rs 435 to Rs 38,700 per kg after increased offtake by industrial units and coin makers. Traders said muted demand from local jewellers and retailers at the domestic spot market mainly kept gold prices down, but a firm trend overseas capped the fall. Globally, gold rose 0.23 per cent to USD 1,222.50 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted further lower by Rs 90 each to Rs 29,220 and Rs 29,070 per 10 grams, respectively. The precious metal had lost Rs 100 in the past two days.
Sovereign, however, held steady at Rs 24,400 per piece of eight grams. On the other hand, silver ready rebounded by Rs 435 to Rs 38,700 per kg and weekly-based delivery by Rs 65 to Rs 37,330 per kg. Silver coins, however, remained unchanged at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.