Gold loses sheen, dips below Rs.31,000 on global cues

New Delhi-India (Aug 6)  Gold prices slumped by Rs.170 to trade at Rs.30,930 per ten grams at the bullion market on Saturday in tandem with a weak trend overseas amid muted demand from jewellers at spot market.

Silver also plunged by Rs.900 to Rs.46,300 per kg on reduced offtake by industrial units and coin makers.

Traders said fall in gold prices overseas and slide in demand from jewellers at the domestic spot markets mainly weighed on the precious metal prices here.

Globally, gold dropped 1.7 per cent to $1,344.40 an ounce in New York, the biggest loss since May 24 in Friday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs.170 each to Rs.30,930 and Rs.30,780 per ten grams, respectively. It had gained Rs.50 on Friday.

Sovereign, however, remained flat at Rs.24,200 per piece of eight grams.

Also, silver ready tumbled by Rs.900 to Rs.46,300 per kg and weekly-based delivery by Rs.1,400 to Rs.46,225 per kg.

In line with overall trend, silver coins plummeted by Rs.1,000 to Rs.75,000 for buying and Rs.76,000 for selling of 100 pieces.

Source: TheStatesMan