Gold slips below Rs 31,000, plunges Rs 150 on global cues

Gold prices slid Rs 150 cracking below the Rs 31,000-mark today, reflecting sluggish global leads because of surging equities and the dollar keeping its gains.

At the close, the price of the yellow metal stood at Rs 30,850 per 10 grams.

In addition, easing demand from local jewellers as well as retailers weighed.

The appeal of safe haven assets like gold, Japanese Yen, Swiss Franc and treasuries faded on easing North Korean tensions and less than feared strength of hurricane Irma that battered the Florida coast of the US.

Silver prices also dropped by Rs 50 to Rs 41,650 per kg on reduced offtake by industrial units and coin makers.

Marketmen said apart from a weak trend overseas, fall in demand from local jewellers and retailers in view of ongoing inauspicious 'Shradh' weighed on the gold prices.

Globally, gold fell 0.08 per cent to USD 1,325,90 an ounce at Singapore. Silver declined 0.31 per cent to USD 17.70 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity tumbled by Rs 150 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. It had gained Rs 470 in yesterday's trade.

Sovereign, however, held steady at Rs 24,700 per piece of eight grams.

Tracking the yellow metal, silver ready traded lower by Rs 50 to Rs 41,650 per kg and weekly-based delivery shed Rs 10 to Rs 41,030 per kg.

Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.