Gold slips below Rs 30,000 on global cues, silver below Rs 38,000

Gold prices tumbled further by Rs 350 to close at Rs 29,705 per 10 gram at the bullion market here today, tracking a weak trend overseas and slump in demand from local jewellers.

Silver also dropped by Rs 635 to Rs 37,935 per kg following persistent offtake from industrial units.

Standard gold (99.5 per cent purity) fell by Rs 350 to finish at Rs 29,705 per 10 grams from Tuesday's closing level of Rs 30,055.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 29,855 per 10 grams as against Rs 30,205.

Silver (.999 fineness) prices declined by Rs 635 to conclude at Rs 37,935 per kg compared to Rs 38,570 previously.

Globally, gold fell to the lowest in a year on a buoyant dollar and falling oil prices, but some analysts said bullion is close to bottoming out.

Spot gold was down 0.3 per cent at USD 1,223.11 an ounce at early trade.

Among other precious metals, silver slipped 0.9 per cent to USD 15.41 an ounce.