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Gold slips from record, down Rs 100

New Delhi: Gold Tuesday slipped from record level by losing Rs 100 to Rs 30,200 per 10 grams, due to slackened demand at prevailing higher levels amid a weakening global trend. The metal had climbed to an all-time high level of Rs 30,300 on Saturday and maintained this level in the previous session as well.

Silver followed suit and lost Rs 50 to Rs 54,300 per kg. The trading sentiment turned bearish after gold fell in global markets, as the euro weakened against the dollar before the meeting of finance ministers and central bank governors from the Group of Seven nations holds a call on Europe`s debt crisis. In Singapore, gold slid 0.4 per cent to USD 1,612.80 an ounce and silver by 0.3 per cent to USD 28.17 an ounce.

In addition, subdued domestic demand at prevailing higher levels further fulled the downtrend in the precious metals. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,200 and Rs 30,060 per 10 grams, respectively. Sovereigns followed suit and lost Rs 100 to Rs 24,100 per piece of eight grams. In line with a general weakening trend, silver ready declined by Rs 50 to Rs 54,300 per kg and weekly-based delivery by Rs 200 to Rs 54,080 per kg. Silver coins too traded in negative zone with a loss of Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

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