Gold dips below 30K level on fall in demand, weak global cues
New Delhi: Gold prices on Tuesday fell to a one-month low of Rs 29,900 per 10 grams by losing Rs 130 per in the bullion market here today on fall in demand amid weak trend in overseas markets.
Silver declined by Rs 200 to Rs 53,000 per kg on reduced offtake by industrial units and coin makers at existing high levels.
Traders said sentiment turned bearish after gold declined in the global markets as a stronger dollar curbed demand for the metal as an alternative investment.
In London, gold fell by 0.1 percent to USD 1,585.43 an ounce, while silver shed 0.4 percent to USD 27.23 an ounce.
Sluggish demand at prevailing higher levels and shifting of funds by investors from bullion to firming equity markets also influenced the sentiment, they added.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 130 each 29,900 and Rs 29,700 per 10 grams respectively, a level last seen on June 11.
Sovereign remained steady at Rs 24,400 per piece of eight grams.
Silver ready declined by Rs 200 to Rs 53,000 and weekly-based delivery by Rs 5 to Rs 53,225 per kg.
Silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.