Gold ends below Rs 31k level on sustained selling, global cues

New Delhi. Gold prices dip below Rs 31,000 level per 10 gm in the national capital today on sustained selling by stockists in tandem with a weak global trend. The yellow-metal declined by Rs 100 to Rs 30,900 per 10 gm. However, silver recovered by Rs 100 to Rs 57,500 per kg on scattered enquiries from industrial units. Sentiments in gold remained bearish for the second straight day after it fell in overseas markets as some investors sold the metal amid negotiations among US lawmakers to strike a budget deal before the year-end. The gold in global markets, which normally set price trend on the domestic front, lost 0.4 per cent to USD 1,653.55 an ounce in Singapore. Besides, sluggish demand from retail customers due to end of marriage season further fuelled the downtrend. On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 30,900 and Rs 30,700 per 10 gm, respectively. The metal had lost Rs 220 yesterday. Sovereign followed suit and shed Rs 50 to Rs 25,400 per piece of 8 gram. On the other hand, silver ready recovered by Rs 100 to Rs 59,500 per kg, while silver weekly-based delivery fell further by Rs 60 to Rs 57,555 per kg. Meanwhile, price of silver coins were unchanged at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.