Gold sinks below Rs 30k-mark, silver down by Rs 600

Marketmen said sentiment remained bearish largely in tune with a weak global trend and fading demand from jewellers and retailers at current levels at the domestic spot markets.

Globally, gold plunged by 1.89 per cent to $1,263.40 an ounce in New York yesterday on speculation that the Federal Reserve is still on track to boost US interest rates this year. Silver fell by 2.55 per cent to $16.99 an ounce.

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In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 250 each to Rs 29,850 and Rs 29,700 per ten grams, respectively, a level last seen on April 28. The precious metal had lost Rs 250 yesterday.

Sovereign, however, remained steady at Rs 23,300 per piece of eight grams in limited deals.

Tracking gold, silver ready dropped by Rs 600 to Rs 40,600 per kg and weekly-based by Rs 565 to Rs 40,800 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.