Gold prices tumble Rs 100 on global cues, low demand

Gold price drifted lower by Rs 100 to Rs 29,250 per 10 grams today at the bullion market today, tracking a weak trend overseas amid slackened demand from local jewellers.
Silver followed suit and slumped below the Rs 40,000-mark by plunging Rs 850 to Rs 39,300 per kg on poor offtake by industrial units and coin makers.
Marketmen said apart from a weak trend overseas as the dollar firmed up after upbeat US private sector jobs numbers, drop in demand from local jewellers at the domestic spot market mainly led to the fall in gold prices.
Globally, gold fell 0.29 per cent to USD 1,261.70 an ounce and silver by 0.35 per cent to USD 17.21 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 100 each to Rs 29,250 and Rs 29,100 per 10 grams, respectively. The precious metal had gained Rs 250 in yesterday's trade.
Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.
Following gold, silver ready dropped by Rs 850 to Rs 39,300 per kg and weekly-based delivery by Rs 735 to Rs 39,200 per kg.
Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.