Gold price falls for 2nd day, settles at Rs 29,450 per 10 grams

New Delhi: Gold lost for the second day on Wednesday, this time by Rs 80 to Rs 29,450 per 10 grams, in step with global sluggishness.

Reduced offtake by jewellers due to fading domestic demand also played out.

Silver came down by Rs 320 to Rs 39,180 per kg caused by poor demand from industrial units and coin makers.

The subdued buying activity largely reflected the bearish trend overseas, sparked by renewed strength in the dollar, which ate into safe haven appeal of the precious metals.

Globally, gold fell 0.16 percent to USD 1,266.20 an ounce and silver 0.36 percent to USD 16.63 in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity moved further down by Rs 80 each to Rs 29,450 and Rs 29,300 per 10 grams, respectively. The precious metal had lost 120 yesterday.

Sovereign, however, stayed at the previous level of Rs 24,500 per piece of eight grams.

In line with gold, silver ready declined by Rs 320 to Rs 39,180 per kg and weekly-based delivery by Rs 310 to Rs 38,275.

Silver coins, however, went flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.