New Delhi: Gold prices tumbled by Rs225 to Rs30,375 per 10 gram at the bullion market on Thursday on muted demand from local jewellers even as the metal strengthened overseas. Silver followed suit and dropped by Rs450 to Rs40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said fall in demand from local jewellers and retailers at the spot market mainly weighed on gold prices, but a firm trend overseas capped the slide. Globally, gold rates rose 0.06% to $1,275.40 an ounce and silver by 0.24% to $16.61 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs225 each to Rs30,375 and Rs30,225 per 10 gram, respectively. It had gained Rs50 in Wednesday’s trade. Sovereign however remained unaltered at Rs24,700 per piece of eight gram in limited deals.

Following gold, silver ready slumped by Rs450 to Rs40,000 per kg and weekly-based delivery by Rs460 to Rs39,090 per kg. Silver coins however remained steady at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.