Gold prices dip below Rs 30,000 on weak global cues

New Delhi: Gold prices today dipped below the Rs 30,000 mark, tumbling by Rs 350 to Rs 29,650 per 10 grams at the bullion market, tracking a weak trend overseas amid fall in demand from local jewellers. Silver also declined by Rs 100 to Rs 41,600 per kg on reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas, where gold sank the most in more than seven weeks after centrist Emmannuel Macron led the first round of voting in the French presidential election, boosted stocks and tiger red a sell-off of the safe-haven bullion, which mainly dampened sentiments here.

Globally, gold tumbled 1.5 per cent -- the biggest decline since March 2 -- to trade at USD 1,265.51 an ounce in Singapore. Besides, fall in demand from local jewellers and retailers at current levels weighed on prices, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 350 each to Rs 29,650 and Rs 29,500 per 10 grams, respectively. It had gained Rs 200 on Saturday's trade. Sovereign followed suit and declined by Rs 100 to Rs 24,400 per piece of eight grams.

Following gold, silver ready fell by Rs 100 to Rs 41,600 per kg, while weekly-based delivery slipped below the Rs 41,000-mark by falling Rs 330 to Rs 40,940 per kg. Silver coins too plummeted by Rs 1,000 at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.