Prices of gold and silver slide on weak global cues

New Delhi, Nov 11: Gold prices dipped by Rs 80 to Rs 30,450 per 10 grams at the bullion market today, tracking a weak trend overseas amid easing demand from local jewellers. 

Silver eased further by Rs 175 to Rs 40,400 per kg on poor offtake by industrial units and coin makers. 

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at existing levels led to the decline in gold prices.

Globally, gold fell by 0.75 per cent to USD 1,274.90 an ounce and silver by 0.53 per cent to USD 16.86 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs 80 each to Rs 30,450 and Rs 30,300 per 10 grams, respectively. The precious metal had gained Rs 80 yesterday.

Sovereign, however, ruled flat at Rs 24,700 per piece of eight grams.

In a similar fashion, silver ready moved down by Rs 175 to Rs 40,400 per kg and weekly-based delivery by Rs 160 to Rs 39,500 per kg.

Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.