Gold prices fall off 30-month high on low demand, weak global cues

Gold slipped from a 30-month high, plunging Rs 250 to Rs 31,300 per 10 grams at the bullion market on Thursday, as demand from jewellers at domestic spot market fell amid a weak trend overseas.

However, silver gained Rs 50 to reclaim the Rs 47,000 per kg mark on increased offtake by industrial units.

Traders said a muted demand from jewellers at the prevailing higher levels and a weak trend overseas mainly contributed to the fall in gold prices.

In worldwide trade, gold fell 0.33 per cent to USD 1,345 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 250 to Rs 31,300 and Rs 31,150 per 10 grams, respectively. It had gained Rs 600 in previous five days.

Sovereign, however, held steady at Rs 24,400 per piece of eight grams.

On the other hand, silver ready edged up by Rs 50 to Rs 47,000, while weekly-based delivery declined by Rs 110 to Rs 47,315 per kg on lack of speculative buying support.

Silver coins, however, dropped by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.