Gold slips below Rs 30,000, silver plunges by Rs 1,350

New Delhi: Gold prices drifted below the Rs 30,000-mark by falling Rs 275 to Rs 29,725 per 10 grams at the bullion market today on weak global trend and fall in demand from local jewellers.

Silver also dropped by a whopping Rs 1,350 to Rs 42,700 per kg on reduced offtake by industrial units and coin makers.

Traders said that a weak trend overseas and strength in the dollar against a basket of currencies on rising hopes of US rate hike this month, reduced the appeal of the precious metals.

Globally, gold fell 0.21 percent to USD 1,231.40 an ounce in Singapore.

Besides, a drop in demand from local jewellers and retailers at current levels too weighed on prices, they added.

In the national capital, gold of 99.9 and 99.5 percent purity tumbled by Rs 275 each to Rs 29,725 and Rs 29,575 per ten grams, respectively.

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

In step with gold, silver ready dropped by Rs 1,350 to Rs 42,700 per kg and weekly-based delivery by Rs 1,160 to Rs 42,160 per kg.

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