Gold dips to Rs 30,450 on global cues, weak demand; silver slides by Rs 200

Gold prices fell further by Rs 75 to Rs 30,450 per 10 grams at the bullion market today in tandem with a weakening global trend amid sluggish demand from local jewellers.

Silver also dropped by Rs 200 to Rs 40,300 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides weak trend overseas, fading demand from local jewellers and retailers at prevailing levels at the domestic spot markets mainly kept pressure on gold prices.

Globally, gold fell 0.21 per cent to $1,287.90 an ounce and silver by 0.35 per cent to $17.01 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 75 each to Rs 30,450 and Rs 30,300 per 10 grams, respectively. It had shed Rs 25 yesterday.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams.

Silver ready traded lower by Rs 200 to Rs 40,300 per kg, while weekly-based delivery declined by Rs 270 to Rs 39,240 per kg.

The silver coin, however, traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.