Gold slips from 5-month high, down Rs 150 on low demand

Snapping its five-day rising streak, gold retreated from five-month highs by falling Rs 150 to Rs 28,350 per ten gram at the bullion market on Thursday as demand eased at existing levels amidst a weak overseas trend.

Silver also dropped by Rs 450 to Rs 39,700 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said besides fall in demand from jewellers at current levels, a weak global trend ahead of a European Central Bank meeting that may introduce stimulus, influenced the sentiment.

Gold in Singapore, which normally set price trend on the domestic front, fell 0.5 per cent to $1,287.04 an ounce and silver by 0.5 per cent to $18.04 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity traded Rs 150 each lower at Rs 28,350 and Rs 28,150 per ten gram respectively.

The precious metal prices have gone up by Rs 1,180 in last five days. Sovereign, remained steady at Rs 24,000 per piece of eight gram in limited deals.

In line with overall trend, silver ready came under some pressure and slipped below the Rs 40,000 level by falling Rs 450 to Rs 39,700 per kg and weekly-based delivery by Rs 675 to Rs 39,540 per kg.

However, silver coins traded at last level of Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.