New Delhi: Gold fell by Rs 30 to Rs 29,265 per 10 grams on Tuesday, due to slackness in demand at existing higher levels amid weak global cues. Silver followed suit and moved down by Rs 500 to Rs 57,500 per kg on reduced offtake by industrial units.

Gold had touched an all-time high level of Rs 29,295 on Sunday.

Trading sentiments turned bearish after gold dropped in global markets as euro fell against the dollar on concern that Europe will struggle to contain its debt crisis, traders said.

Gold in global markets, which normally sets the prices on the domestic front, lost 0.8 percent to USD 1,765.53 an ounce in Singapore.

In addition, sluggish demand from retail customers at prevailing higher levels also dampened the trading sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 percent purity declined by Rs 30 each to Rs 29,265 and Rs 29,125 per 10 grams, respectively.

However, sovereigns continued to be asked around previous level of Rs 23,300 per piece of eight grams.

Silver ready fell by Rs 500 to Rs 57,500 per kg and weekly-based delivery by Rs 695 to Rs 57,300 per kg, while silver coins remained stable at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

(Agencies)