Gold down by Rs 200 on sustained selling, weak global cues

Falling for the second straight session, gold prices today lost Rs 200 to Rs 30,840 per 10 grams due to sustained selling by stockists in tandem with a weak global trend.

Silver also moved down by Rs 200 to Rs 57,900 per kg owing to reduced off take by industrial units and coin makers.

In New York, gold declined by $2.80 to $1,658 an ounce and silver by 0.16 per cent to $30.36 an ounce.

Sluggish demand at prevailing higher levels also dampened sentiment, traders said.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by 200 each to Rs 30,840 and Rs 30,640 per 10 grams, respectively. It had lost Rs 30 yesterday. Sovereigns followed suit and declined by Rs 50 to Rs 25,400 per piece of eight grams.

Similarly, silver ready dropped by Rs 200 to Rs 57,900 per kg and weekly-based delivery by Rs 330 to Rs 57,995 per kg. Silver coins also plunged by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.