Gold tumbles by Rs 100 on global cues

Gold fell by Rs 100 to Rs 30,650 per ten gram at the bullion market today amid a weakening global trend and muted demand from local jewellers.
However, silver recovered by Rs 50 to Rs 40,850 per kg on scattered enquiries from industrial units.
Traders said apart from a weak trend overseas, hurt by a stronger dollar, easing demand from local jewellers and retailers at domestic spot market mainly weighed on the gold prices.
Globally, gold fell 0.75 per cent to USD 1,280 an ounce and silver by 1.34 per cent to USD 17.00 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went down by Rs 100 each to Rs 30,650 and Rs 30,500 per ten gram, respectively. The metal had lost Rs 250 in special 'Diwali' trading session on Thursday.
Market remained closed yesterday on account of Vishwakarma Puja.

Sovereign however held steady at Rs 24,700 per piece of eight gram.
On the other hand, silver ready recovered by Rs 50 to Rs 40,850 per kg, while weekly-based delivery shed Rs 25 to Rs 39,875 per kg on lack of buying support from speculators.
Silver coins however remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.