Gold tumbles Rs 200 on muted demand, global cues; silver dips by Rs 500

Gold tumbled by Rs 200 to Rs 30,050 per ten gram at the bullion market today on muted demand from local jewellers and a weak trend overseas.

Silver too slumped by Rs 500 to Rs 38,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides fall in demand from local jewellers and retailers at the spot market, a weak trend overseas mainly weighed on gold prices.

Globally, gold fell 0.76 per cent to $1,265.90 an ounce and silver by 1.41 per cent to $16.06 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went down by Rs 200 each to Rs 30,050 and Rs 29,900 per ten gram, respectively. It had gained Rs 50 in yesterday's trade.

Sovereign also traded lower by Rs 100 to Rs 24,500 per piece of eight gram.

Tracking gold, silver ready dropped by Rs 500 to Rs 38,500 per kg, while weekly-based delivery traded higher by Rs 265 to Rs 37,775 per kg on speculative buying.

Silver coins too plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.