New Delhi, Dec 8 (PTI) Gold prices suffered more lossesby falling Rs 200 to trade at Rs 29,750 per 10 grams today,mirroring a weak trend overseas amid slack demand fromjewellers at the domestic market.
Silver ready dipped below the Rs 38,000-mark by plungingRs 425 to Rs 37,700 per kg, due to reduced offtake byindustrial units and coin makers.
Traders attributed the fall in the metal's prices to aweak trend overseas where gold is heading for the biggestweekly drop since May as investors anticipate higher USinterest rates, and progress on tax reform buoys the dollar,eroding safe-haven appeal of the precious metal.
Meanwhile, gold for immediate delivery has slumped 2.5per cent this week, the most since the five days ended May 5.
Globally, gold fell 1.27 per cent to USD 1,247.80 anounce and silver by 1.41 per cent to USD 15.70 an ounce in NewYork yesterday.
In addition, a considerable fall in demand from jewellersand retailers at the domestic spot market put pressure on theprices, they said.
In the national capital, gold of 99.9 per cent and 99.5per cent purity fell further by Rs 200 each to Rs 29,750 andRs 29,600 per 10 grams, respectively. The precious metal hadlost Rs 300 in the previous two days.
Sovereign, however, remained unchanged at Rs 24,400 perpiece of eight grams in limited deals.
In sync with gold, silver ready dived Rs 425 to Rs 37,700per kg and weekly-based delivery traded lower by Rs 355 at Rs36,980 per kg.
Prices of silver coins, however, held steady at Rs 71,000for buying and Rs 72,000 for selling of 100 pieces. PTI SUNKPSSBT.
This is unedited, unformatted feed from the Press Trust of India wire.