Gold tumbles on stockists selling, global cues

Gold tumbled by Rs 210 to Rs 30,040 per ten grams in the national capital today on heavy stockists selling triggered by a weak global trend.
Silver also dropped by Rs 800 to Rs 42,600 per kg on poor offtake by industrial units and coin makers.
Traders said stockists selling in tandem with a weak global trend mainly pulled down gold and silver prices.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.50 per cent to USD 1,288.10 and silver by 1.68 per cent to USD 19.32.
In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 210 each to Rs 30,040 and Rs 29,840 per ten grams, respectively. Sovereign followed suit and lost Rs 100 at Rs 24,900 per piece of eight grams.

In line with a general weak trend, silver ready dropped by Rs 800 to Rs 42,600 per kg and weekly-based delivery by Rs 585 to Rs 41,790 per kg.
Silver coins also plummetted by Rs 3,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.