Gold slips below Rs 30,000 on weak global cues, muted demand

Gold prices cracked below the Rs 30,000-level, tumbling by Rs 230 to Rs 29,820 per 10 grams at the bullion market on Tuesday because of slackened demand from jewellers and retailers at prevailing levels amid a weak trend overseas.

Silver also eased by Rs 160 to Rs 41,100 per kg on lack of buying support from industrial units and coin makers.

Bullion traders said besides a weak trend overseas, subdued demand from jewellers and retailers at the domestic spot market led to the fall in gold and silver prices.

Globally, gold traded lower by 0.04 per cent to $1,273.50 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 230 to Rs 29,820 and Rs 29,670 per 10 grams, respectively. It had edged up by Rs 25 in Monday's trade.

Sovereign, however, remained unchanged at Rs 23,300 per piece of eight grams.

On the other hand, silver ready declined by Rs 160 to Rs 41,100 and weekly-based delivery by Rs 285 to Rs 41,090 per kg.

Silver coins, however, remained unchanged at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.