Gold remains sluggish on global cues, prices dipped by Rs 25; silver tops Rs 43,000

Gold prices dipped by Rs 25 to Rs 29,625 per 10 grams at the bullion market on Wednesday amid weakening global cues and tepid demand from local jewellers. 

However, silver recaptured the Rs 43,000-mark on increased offtake from industrial units and coin makers. 

Marketmen said apart from a weak trend overseas, where strengthening dollar eroded demand for the precious metal, easing demand from local jewellers and retailers at the domestic spot markets kept gold prices lower. 

Globally, gold fell 0.26%t to 1,224.60 dollar an ounce in Singapore. In the national capital, gold of 99.9 and 99.5% purity declined further by Rs 25 each to Rs 29,625 and Rs 29,475 per 10 grams, respectively. 

The precious metal had lost Rs 300 on Tuesday. Sovereign, however, held steady at Rs 24,500 per piece of eight grams. 

On the other hand, silver ready recovered by Rs 100 to Rs 43,000 per kg and weekly-based delivery rose Rs 95 to Rs 42,585 per kg. Silver coins traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.