Equities' appeal pushes gold prices down to Rs 30,250

Gold prices slid Rs 30 to Rs 30,250 per 10 grams today as equities found more traction with investors seeking higher returns.
Leads overseas were negative and demand from local jewellers was hard to come by.
But silver staged a comeback by jumping Rs 600 to Rs 40,500 per kg, spurred by industrial units and coin makers.
Tepid demand from local jewellers and retailers at the domestic spot market was a drag on gold prices, analysts said.
Globally, gold fell 0.08 per cent to USD 1,274.50 an ounce in Singapore.
Diversion of funds towards attractive equity markets, which soared to record high, worked against the yellow metal, marketmen said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 30 each to Rs 30,250 and Rs 30,100 per 10 grams, respectively. It had edged up Rs 5 yesterday.

Sovereign, however, was steady at Rs 24,700 per piece of eight grams.
On the other hand, silver ready shot up Rs 600 to Rs 40,500 per kg while weekly-based delivery declined by Rs 80 to Rs 39,625 per kg.
Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.