Gold price tumbles by Rs 250 to Rs 29,100 per 10 grams

New Delhi: Gold prices tumbled by Rs 250 to Rs 29,100 per 10 gram at the bullion market Wednesday, tracking a weak trend overseas and muted demand from local jewellers.

Silver also dropped by Rs 450 to Rs 40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas as investors await the release of key US employment data later this week and fading demand from local jewellers at the domestic spot markets mainly pulled down gold prices.

Globally, gold fell by 0.02 percent to USD 1,262.60 an ounce and silver by 0.49 percent to USD 17.29 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity slumped by Rs 250 each to Rs 29,100 and Rs 28,950 per 10 grams, respectively.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams.

In sync with gold, silver ready dropped by Rs 450 to Rs 40,000 per kg and weekly-based delivery by Rs 400 to Rs 40,015 per kg.

On the other hand, silver coins held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.