New Delhi: Gold prices on Tuesday lost Rs.210 to slip below the Rs.31,000-mark at Rs.30,790 per 10g here on heavy selling by stockists, triggered by weak overseas markets. Silver followed suit and dropped by Rs.1,015 to Rs.57,850 per kg on poor offtake by industrial units and coin makers. The trading sentiment turned bearish after gold fell in global markets to its lowest in more than a month as strong dollar reduced demand for the metal as an alternate investment.
In Singapore, gold fell 0.3% to $1,642.90 an ounce, the cheapest since 4 January and silver by 0.7% to $30.73 an ounce, its lowest level since 28 January. In addition, investors were seen shifting their funds from weakening bullion to rising equity and retail customers refrained from purchasing on expectations of more corrections, which also had negative impact on the sentiment.
On the domestic front, gold of 99.9 and 99.5% purity tumbled by Rs.210 each to Rs.30,790 and Rs.30,590 per 10g, respectively. However, sovereigns remained steady at Rs.25,350 per piece of eight grams in limited deals. In line with a weak general trend, silver ready dropped by Rs.1,015 to Rs.57,850 per kg and weekly-based delivery by Rs.810 to Rs.57,500 per kg. Silver coins too plunged by Rs.2,000 to Rs.81,000 for buying and Rs.82,000 for selling of 100 pieces.