Gold slips below Rs 30,000-mark on weak global cues

New Delhi: Gold prices on Thursday dipped below the Rs 30,000-mark, falling by Rs 100 to trade at over three-month low of Rs 29,950 per 10 grams at the bullion market, tracking a weak trend overseas amid muted demand from local jewellers.

Silver also went down by Rs 375 to Rs 38,125 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said apart from a weak trend overseas where the precious metal traded at two-month low, a fall in demand from local jewellers and retailers at domestic spot market mainly kept pressure on the gold prices.

Globally, gold fell 0.45 per cent to USD 1,257.10 an ounce and silver by 0.31 per cent to USD 15.87 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 29,950 and Rs 29,800 per 10 grams, respectively, a level last seen on August 26.

The precious metal had lost Rs 200 on Wednesday. Sovereign followed suit and declined by Rs 100 to Rs 24,400 per piece of eight grams.

Following gold, silver ready dropped by Rs 375 to Rs 38,125 per kg and weekly-based delivery by Rs 440 to Rs 37,335 per kg. Silver coins too plummeted by Rs 1,000 at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.