Gold fails to stay at record level; down Rs 200 on poor demand

However, silver held steady at Rs 55,500 per kg in restricted buying from industrial units and coin makers.

Traders said physical demand dried up at prevailing higher levels, which kept pressure on gold prices.

They said shifting of investor funds from bullion to rising equity markets also influenced the market sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 30,200 and Rs 30,000 per 10 grams, respectively. The yellow metal had climbed to an all- time high level of Rs 30,400 yesterday.

Sovereigns followed suit and shed Rs 50 to Rs 24,200 per piece of eight grams.

On the other hand, silver ready held steady at Rs 55,500 per kg while weekly-based delivery rose by Rs 170 to Rs 55,340 per kg on speculative buying.

Silver coins lacked necessary follow up support at prevailing higher levels and tumbled by Rs 4,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.