Gold tumbles by Rs 300 on weak global cues, fall in demand

Snapping its two-day rising trend, gold prices plunged by Rs 300 to Rs 29,650 per 10 grams today, tracking a weak trend overseas amid fall in demand from local jewellers.
Silver also slipped below the Rs 43,000-mark by falling Rs 100 to Rs 42,900 per kg on reduced offtake by industrial units and coin makers.
Marketmen said apart from a weak trend overseas, fall in demand from local jewellers and retailers at current levels mainly pulled down gold prices.
Globally, gold fell 0.67 per cent to USD 1,224.70 an ounce and silver by 0.78 per cent to USD 17.80 an ounce in New York yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 300 each to Rs 29,650 and Rs 29,500 per ten grams, respectively. It had gained Rs 450 in the past two days.
Sovereign, also declined by Rs 100 to Rs 24,500 per piece of eight grams.
Tracking gold, silver ready fell by Rs 100 to Rs 42,900 per kg and weekly-based delivery by Rs 130 to Rs 42,490 per kg.
Silver coins too plummeted by Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.