8 Gold severed its two—days surge to drop moderately at the bullion market on Monday amidst selling from stockists and investors and reduced local demand on the back of lower global cues.
Silver also eased modestly owing to subdued speculative off—take.
Standard gold of 99.5 per cent purity fell by Rs 110 to close at Rs 29,400 per 10 grams from last Saturday’s closing level of Rs 29,510.
Pure gold of 99.9 per cent purity slipped by Rs 100 to finish at Rs 29,550 per 10 grams from Rs 29,650.
Silver ready (.999 fineness) moved down by Rs 35 to conclude at Rs 52,500 per kilo from Rs 52,535 last weekend.
Overseas, gold traded lower after its previous session rise amid firmer dollar as well as investors lured by riskier assets such as strong equities.
In Europe, spot gold bid lower at $1,577.09 an ounce in early trade and silver was bid down at $27.28.