Gold prices tumbled by Rs 275 to Rs 30,930 per ten grams at the bullion market here today, tracking a weak trend overseas and muted demand from local jewellers.
Silver also dropped by Rs 695 to Rs 39,610 per kg following persistent offtake from industrial units.
Standard gold (99.5 per cent purity) fell by Rs 275 to finish at Rs 30,930 per 10 grams from last Friday's closing level of Rs 31,205.
Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 31,080 per 10 grams as against Rs 31,355.
Silver (.999 fineness) prices declined by Rs 695 to conclude at Rs 39,610 per kg compared to Rs 40,305 previously.
Globally, gold prices fell for a second session after the US President Donald Trump revived hopes that he would meet North Korean leader Kim Jong Un next month, lowering political tensions and demand for gold as a safe investment.
Spot gold slipped by 0.3 per cent to USD 1,297.85 an ounce in early trade.
In other precious metals, spot silver was trading down 0.2 per cent at USD 16.44 an ounce.
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