New Delhi: Sliding for the second straight day, gold dipped below the 30,000-mark by losing 250 to 29,850 per ten grams at the bullion market today, amid a subdued demand from jewellers and a weak trend overseas.

Marketmen said sentiment remained bearish largely in tune with a weak global trend and fading demand from jewellers and retailers at current levels at the domestic spot markets.

Globally, gold plunged by 1.89% to $1,263.40 an ounce in New York yesterday on speculation that the Federal Reserve is still on track to boost US interest rates this year. Silver fell by 2.55% to $16.99 an ounce.

In the national capital, gold of 99.9 and 99.5% purity tumbled by 250 each to 29,850 and 29,700 per ten grams, respectively, a level last seen on 28 April. The precious metal had lost 250 yesterday. Sovereign, however, remained steady at 23,300 per piece of eight grams in limited deals.

Tracking gold, silver ready dropped by 600 to 40,600 per kg and weekly-based by 565 to 40,800 per kg. On the other hand, silver coins continued to be traded at previous level of 69,000 for buying and 70,000 for selling of 100 pieces.