Gold drops by Rs 30 on sluggish demand

Silver, however, recovered by Rs 100 to Rs 58,100 per kg on buying by industrial units and coin makers.

Gold of 99.9 and 99.5 per cent purity declined by Rs 30 each to Rs 31,040 and Rs 30,840 per ten grams respectively, while sovereign remained steady at Rs 25,450 per piece of eight gram.

Silver ready recovered by Rs 100 to Rs 58,100 per kg and weekly-based delivery by Rs 85 to Rs 58,325 per kg.

Silver coins maintained steady trend at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.