Gold, silver prices slide on global worries, muted demand

New Delhi, Aug 29 (PTI) Gold prices stayed soft as it fellby Rs 50 to Rs 31,200 per 10 grams today, reflecting a weaktrend overseas amid muted demand from jewellers in thedomestic spot market. Silver also dropped Rs 300 to Rs 44,400 per kg on reducedofftake by industrial units and coin makers. Traders said sentiment was dampened following a weak trendoverseas where gold dropped for the seventh straight day,heading for the longest run of decline since May after FederalReserve chief Janet Yellen hinted at a US interest rate hikeby the end of the year, strengthening the dollar and erodingdemand for the precious metal as a safe haven. Globally, gold lost 0.4 per cent to USD 1,316.09 an ounce,the lowest since July 27 in Singapore. Besides, sluggish demand from jewellers and retailers atthe domestic spot market weighed, they said. In the national capital, gold of 99.9 per cent and 99.5per cent purity declined Rs 50 each to Rs 31,200 and Rs 31,050per 10 grams, respectively. The precious metal had gained Rs100 in Saturday’s trade. Sovereign, however, remained unchanged at Rs 24,300 perpiece of eight grams in limited deals. Following gold, silver ready drifted lower by Rs 300 to Rs44,400 per kg and weekly-based delivery by Rs 205 to Rs 43,770per kg. Silver coins, however, remained flat at Rs 75,000 forbuying and Rs 76,000 for selling of 100 pieces. PTI SUN KPSARD