The prices of gold dropped below Rs 30,000 per ten gram level the first time in over four months in the capital city today on stockists selling against falling demand at the persistence of higher levels.
Gold dropped Rs 275 to Rs 29,900 per ten grams, a level last seen on August 14.
However, silver added Rs 310 to Rs 44,000 per kg on increased extraction of industrial units and coin makers.
In Mumbai, gold of 99.9 and 99.5 percent purity traded lower at Rs 29,940 and Rs 29,800 per ten grams, respectively, while silver inquired Rs 44,440 per kg.
Traders said the stockholders selling against drop in demand at the persistence of higher levels mainly taken out gold prices.
They said also turned bearish sentiment in the absence of any direction from overseas markets after the close of the “Christmas” holiday and ‘New Year’.
In Delhi, gold of 99.9 and 99.5 percent purity fell by Rs 275 each for Rs 29,900 and Rs 29,700 per ten grams respectively. It had gained Rs 125 yesterday.
Sovereign held steady at Rs 25,100 per piece of eight grams.
Furthermore, silver ready strengthened by Rs 310 to Rs 44,000 per kg and weekly-based delivery by Rs 130 to Rs 44,120 per kg. The white metal had gained Rs 140 in the last trade session.
Silver coins, however, held steady at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.
Reported News Source : Economic Times