Gold plunges Rs 350 to fall below Rs 30,000 mark

New Delhi: Gold prices dipped below the Rs 30,000 mark on Tuesday, plunging Rs 350 to Rs 29,750 per 10 grams amid a weak trend in overseas market and fall in demand from local jewellers.

Silver also slipped below the Rs 43,000-mark by falling Rs 300 to Rs 42,800 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers following end of the marriage season mainly pulled down gold prices.

Globally, gold fell 0.19 percent to USD 1,231.90 an ounce and silver by 0.92 percent to USD 17.78 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 percent purity tumbled by Rs 350 each to Rs 29,750 and Rs 29,600 per ten grams, respectively. It had gained Rs 375 in Saturday's trade.

Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.

Silver ready dropped by Rs 300 to Rs 42,800 per kg, while weekly-based delivery surged by Rs 535 to Rs 42,700 per kg on speculative buying.

Silver coins plummeted by Rs 1,000 at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.