Gold prices dropped Rs 130 to Rs 29,450 per ten gram in the national capital today as demand from jewellers and retailers declined at prevailing levels amid a weak global cues.
Silver too turned weak and shed Rs 50 to Rs 41,500 per kg due to reduced offtake by coin makers.
Marketmen said besides weak demand at prevailing levels, lower global trend where gold dipped below USD 1,300 an ounce mainly led to decline in the precious metals here.
Gold in Singapore, which normally sets price trend on the domestic front, traded at USD 1,290.23 an ounce.
In Delhi, gold of 99.9 and 99.5 % purity fell by Rs 130 each to Rs 29,450 and Rs 29,250 per ten gram respectively, while sovereign remained unaltered at Rs 24,900 per piece of 8 gram.
Similarly, silver ready declined by Rs 50 to Rs 41,500 per kg and weekly-based delivery lost Rs 200 at Rs 41,000 per kg.
On the other hand, silver coins continued to be asked at last level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.