Gold slips this week on muted demand from jewellers, stockists, traders

Gold fell this week after eight straight weekly gains due to slackened demand from jewellers stockists and traders.

The yellow-metal sank below Rs 30,000 at the domestic bullion market during the week,  following a fall in global markets.

Silver too fell below the Rs 38,000 due to reduced offtake by industrial units and coin makers.

A weak overseas trend, tepid demand from local jewellers and retailers at prevailing levels at domestic market are pulling gold prices down, traders say.

Global Gold futures logged a weekly decline of about 1.6%, the largest since the week ended Dec 8.

March silver shed 20.2 cents, or 1.2%, to $16.139 an ounce, for a loss of 3.4% on the week, according to a PTI report.