Gold drops to Rs 30,700; silver up at Rs 40,750 per kg

Gold prices dropped for the second successive session today, by Rs 100 to Rs 30,700 per 10 grams, due to a sluggish trend overseas amid muted interest from local jewellers.

Silver, however, recouped Rs 250 to Rs 40,750 per kg on scattered enquiries from industrial units and coin makers.

The

US dollar firmed up and the euro edged lower due to political developments in Germany. Also, easing demand from local jewellers at the domestic spot market, which mainly kept gold prices lower.

Globally, gold fell 0.42 per cent to $1,291.60 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped Rs 100 each to Rs 30,700 and Rs 30,550 per 10 grams, respectively. The precious metal had shed Rs 50 on Saturday. Sovereign, however, held steady at Rs 24,700 per piece of eight grams.

On the other hand, silver ready rose Rs 250 to Rs 40,750 per kg, while weekly-based delivery traded lower by Rs 75 to Rs 39,650. Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.