Gold drops below Rs 30,000, silver plunges Rs 800

New Delhi :Gold moved on a slippery track today, settling below the Rs 30,000-mark by plunging Rs 300 to Rs 29,750 per 10 grams, in a sign of subdued overseas trend as well as local demand.

The plunge was sharper in silver, which cracked below the Rs 40,000 level at Rs 39,300 per kg, a loss of Rs 800, weighed down by a drop in offtake.

Data on US manufacturing came in better than expected, which in turn increases the probability of higher returns from the dollar and treasuries. Additionally, receding geo- political worries involving North Korea and the US made the precious metals lose sheen.

Globally, gold fell 0.09 per cent to USD 1,270 an ounce in Singapore.

Fading demand from local jewellers and retailers at the current level pulled down the gold prices further.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 300 each to Rs 29,750 and Rs 29,600 per 10 grams, respectively.

Sovereign, however, remained flat at Rs 24,500 per piece of eight grams in limited deals.

Silver ready dropped as much as Rs 800 to Rs 39,300 per kg and weekly-based delivery Rs 885 to Rs 38,365.

Silver coins saw a price decline of Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

PTI