Gold falls further by Rs 70 to Rs 30,680 per ten grams

New Delhi: Gold fell further by Rs 70 to Rs 30,680 per ten grams at the bullion market Monday, tracking a weak trend overseas amid slackened demand from jewellers at domestic spot market.

Silver also slipped by Rs 245 to Rs 45,880 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said sentiment remained subdued largely in tandem with a weakening global trend where gold extended fall as buoyant equity markets and gains in the dollar hurt demand ahead of central bank meetings in the US and Japan this week.

Globally, gold dropped 0.7 percent to USD 1,313.57 an ounce in Singapore.

Besides, muted demand from jewellers and retailers at domestic spot market, weighed on the prices.

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 70 each to Rs 30,680 and Rs 30,530 per ten grams, respectively. The precious metal had shed Rs 20 in Saturday's trade.

Sovereign followed suit and declined by Rs 100 to Rs 23,400 per piece of eight grams.

Following gold, silver ready fell by Rs 245 to Rs 45,880 per kg and weekly-based delivery dropped by Rs 415 to Rs 45,905 per kg.

Silver coins, however, held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.