New Delhi: Gold continued to fall and dipped below Rs 31,000 per 10 grams in the bullion market here in the past week on heavy selling by stockists, triggered by a steep fall in global markets.
Silver followed suit and dropped on reduced offtake by industrial units and coin manufacturers.
Traders said selling pressure gathered momentum after gold tumbled the most in more than four months to below 1,700 dollar an ounce in global markets as US payrolls in October rose more than forecast, easing pressure on the Federal Reserve to expand monetary stimulus.
Gold in New York, which normally set price trend on the domestic front here, fell 2.1 percent this week.
Besides, falling demand at prevailing higher levels and shifting of funds by investors from bullion to equity markets also dampened the sentiment.
In the national capital, gold of 99.9 and 99.5 percent purity, after a better start at 31,550 and Rs 31,350 per 10 grams, met with heavy selling in line with a steep fall in overseas markets, and fell to Rs 30,950 and Rs 30,750 per 10 grams, respectively.
Sovereign shed Rs 50 to Rs 25,400 per piece of eight grams.
Similarly, silver ready commenced higher at Rs 60,000 per kg but soon met with stockists selling and dropped to close at Rs 58,000 per kg, showing a notable loss of Rs 1,640. Silver weekly-based delivery tumbled by Rs 2,165 to Rs 57,635 per kg.
Silver coins followed suit and fell by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.