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Gold declined by Rs 50 to Rs 30,500 per ten gram at the bullion market today, tracking a weak trend overseas amid subdued demand from local jewellers.
Silver followed suit and dropped by Rs 200 to Rs 40,200 per kg due to reduced offtake by industrial units and coin makers.
Traders said besides a weak trend overseas, tepid demand from local jewellers and retailers at the domestic spot market, mainly weighed on gold prices.
Globally, gold fell 0.16 per cent to $1,291.90 an ounce and silver by 0.38 per cent to $16.95 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity shed Rs 50 each to Rs 30,500 and Rs 30,350 per ten gram respectively. It had gained Rs 100 yesterday. Sovereign however continued to be traded at the previous level of Rs 24,700 per piece of eight gram.
Silver ready too fell by Rs 200 to Rs 40,200 per kg and weekly-based delivery by Rs 190 to Rs 39,140 per kg. Silver coins however remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
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