Gold dips below Rs 31k on stockists selling, weak global cues

Gold prices dipped below Rs 31,000 mark by falling Rs 350 to Rs 30,900 per ten grams after nearly one month in the national capital today on heavy selling by stockists in tandem with a weak global trend.

However, silver found some buying support from industrial units and ended higher by Rs 110 to Rs 49,010 per kg.

Traders said heavy selling by stockists on the back of sluggish demand amid a weak global trend mainly pulled down gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.4 per cent to $1,283.28 an ounce after data showed that US employers added more jobs than expected which reduced demand for the metal as an alternate investment.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 350 each to Rs 30,900 and Rs 30,700 per ten grams, respectively. It had lost Rs 150 in the previous session. Sovereign also shed Rs 100 to Rs 25,000 per piece of eight gram.

On the other hand, silver ready recovered by Rs 110 to Rs 49,010 per kg and weekly-based delivery by Rs 160 to Rs 48,310 per kg. The white metal had lost Rs 200 in last trade.

Silver coins also spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.