Gold prices fall below Rs30,000-mark on weak global cues
New Delhi: Gold prices dipped below the Rs30,000-mark on Thursday, falling by Rs100 to trade at over three-month low of Rs29,950 per 10 grams at the bullion market, tracking a weak trend overseas amid muted demand from local jewellers. Silver prices also plunged Rs375 to Rs38,125 per kg due to reduced offtake by industrial units and coin makers.
Traders said, apart from a weak trend overseas where the precious metal traded at two-month low, a fall in demand from local jewellers and retailers at domestic spot market mainly kept pressure on the gold prices. Globally, gold rates fell 0.45% to $1,257.10 an ounce and silver by 0.31% to $15.87 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity fell by Rs100 each to Rs29,950 and Rs29,800 per 10 grams, respectively, a level last seen on 26 August. The precious metal had lost Rs200 on Wednesday. Sovereign followed suit and declined by Rs100 to Rs24,400 per piece of eight grams.
Following gold, silver ready dropped by Rs375 to Rs38,125 per kg and weekly-based delivery by Rs440 to Rs37,335 per kg. Silver coins too plummeted by Rs1,000 at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.