New Delhi: Gold prices dipped below Rs30,000 per ten grams level for the first time in over four months in the national capital on Thursday on stockists selling against fall in demand at prevailing higher levels. Gold dropped Rs275 to Rs29,900 per ten grams, the level last seen on 14 August. However, silver added Rs310 to Rs44,000 per kg on increased offtake by industrial units and coin makers. In Mumbai, gold of 99.9 and 99.5% purity traded lower at Rs29,940 and Rs29,800 per ten grams, respectively, while silver enquired at Rs44,440 per kg. Traders said stockists selling against fall in demand at prevailing higher levels mainly pulled down gold prices. They said sentiment also turned bearish in the absence of any direction from overseas markets following closure for ‘Christmas’ and ‘New Year’ holidays. In Delhi, gold of 99.9 and 99.5% purity tumbled by Rs275 each to Rs29,900 and Rs29,700 per ten grams, respectively. It had gained Rs125 on Wednesday. Sovereign held steady at Rs25,100 per piece of eight grams. On the other hand, silver ready strengthened by Rs310 to Rs44,000 per kg and weekly-based delivery by Rs130 to Rs44,120 per kg. The white metal had gained Rs140 in last trade. Silver coins, however, held steady at Rs84,000 for buying and Rs85,000 for selling of 100 pieces.

Source