Gold tumbles Rs 350 on weak global cues, fall in demand

Gold prices plunged by Rs 350 to Rs 29,000 per 10 grams at the bullion market today, tracking a weak trend overseas and drop in demand from local jewellers.
Silver also fell by Rs 200 to Rs 41,250 per kg due to reduced offtake by industrial units and coin makers.
Apart from a weak trend overseas, decline in demand from local jewellers and retailers at prevailing levels at domestic spot market mainly pulled down gold prices, traders said.
Gold weakened by 0.12 per cent to USD 1,246.70 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity tumbled by Rs 350 each to Rs 29,000 and Rs 28,850 per 10 grams, respectively. The metal had gained Rs 300 yesterday.

Sovereign also declined by Rs 100 to Rs 24,300 per piece of eight grams.
Silver ready too drifted lower by Rs 200 to Rs 41,250 per kg and weekly-based delivery by Rs 105 to Rs 41,200 per kg.
Silver coins, however, held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.