Muhurat Trading: Gold loses sheen in Diwali trade, down Rs 250

Gold prices fell by Rs 250 to Rs 30,750 per 10 grams in special 'Diwali Muhurat' trading at the bullion market today despite some token buying by jewellers.

Silver followed suit and cracked below the Rs 41,000-mark by falling Rs 200 to Rs 40,800 per kg on reduced offtake by industrial units and coin makers.

The slide in gold prices was attributed to the absence of worthwhile activity as jewellers and retailers made token purchases on the auspicious occasion of 'Diwali' and beginning of Hindu Samvat year 2074.

Overseas, gold rose 0.43 per cent to $1,286 and silver gained 0.15 per cent to $16.99 an ounce in London.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 250 each to Rs 30,750 and Rs 30,600 per 10 grams respectively.

The yellow metal had gained Rs 290 on Wednesday.

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

In line with overall trend, silver ready drifted down by Rs 200 to Rs 40,800 per kg, while weekly-based delivery edged up by Rs 40 to Rs 39,900 per kg.

Silver coins also remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.