Gold price declines, ends BELOW Rs 29,000 level

Mumbai, Dec 7: Gold prices slipped below the Rs 29,000 mark by falling Rs 110 per 10 grams in the bullion market here today, mostly on account of weak demand from jewellers.

Silver also remained under selling pressure and shed Rs 405 for the sixth day to close at Rs 37,305 per kg.

Standard gold (99.5 purity) dropped by Rs 110 to close at Rs 28,985 per 10 grams from Tuesday's level of Rs 29,095.

Pure gold (99.9 purity) also dipped by the same amount to finish at Rs 29,135 per 10 grams as compared Rs 29,245 yesterday.

Silver (.999 fineness) declined by Rs 405 per kg to end at Rs 37,305 as compared to Rs 37,710 previously.

Globally, gold prices held above a two-month low, as a softer dollar stopped further losses on concerns over the progress of a US tax reform plan and a potential government shutdown.

Spot gold inched up 0.1 per cent to USD 1,267.85 an ounce at early trade.

Among other precious metals, silver was nearly unchanged at USD 16.08 an ounce, after hitting its lowest since mid-July in the previous session.