Gold price retreats from 29-month high, plunges by Rs 360 to Rs 30,980 per 10 grams

New Delhi: Gold prices retreated from a 29-month high by plunging Rs 360 to Rs 30,980 per 10 grams in the bullion market Monday, on falling demand from jewellers amid a weak trend overseas.

However, silver firmed up by Rs 320 to Rs 47,400 per kg on increased offtake by industrial units and coin makers.

Traders said a muted gold demand from jewellers at the existing higher levels and a weak trend overseas mainly contributed to the fall.

Globally, gold fell 0.19 percent to USD 1,347.90 an ounce in Singapore. The precious metal has gone up by 27 percent this year, rising 2.2 percent in July.

In the national capital, gold of 99.9 percent and 99.5 percent purity dropped by Rs 360 to Rs 30,980 and Rs 30,830 per 10 grams, respectively. It had risen by Rs 540 in Saturday's trade.

Sovereign followed suit and declined by Rs 200 to Rs 24,100 per piece of eight grams.

On the other hand, silver ready recovered by Rs 320 to Rs 47,400 per kg and weekly-based delivery strengthened by Rs 375 to Rs 47,855 per kg on speculative activity.

Silver coins, however, held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.