Gold slumps Rs 820 to Rs 30,530 on weak global cues

New Delhi: Gold prices crashed by Rs 820 to Rs 30,530 per ten gram at the bullion market on Saturday, hurt by weak global cues amid dip in demand from local jewellers.

It is the biggest single-day fall in gold prices this year.

On the other hand, silver held steady at Rs 42,000 per kg on scattered enquiries from industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at prevailing higher levels mainly pulled down gold prices.

Globally, gold after hitting one-year high of USD 1,357.64 an ounce, fell 0.19 per cent to USD 1,346 an ounce and silver by 0.91 per cent to USD 17.93 an ounce in New York in Friday's trade.

Besides, a drop in demand from local jewellers and retailers at domestic spot market fuelled the downtrend.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 820 each to Rs 30,530 and Rs 30,380 per ten gram respectively.

On Friday, the precious metal surged by Rs 990 and closed at a 10-month high of Rs 31,350 after the dollar fell to its weakest level since 2015 and tension between North Korea and the US intensified further, boosting demand for the safe haven.

Sovereign however held steady at Rs 24,600 per piece of eight gram on Saturday.

On the other hand, silver ready ruled flat at Rs 42,000 per kg, while weekly-based delivery fell by Rs 200 to Rs 41,570 per kg.

Silver coins however continued to be asked at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.