Gold, silver tumble on declining global trend, fall in demand

New Delhi, Oct 11. Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital today on fall in demand amid a steep decline in the global markets. On the other hand, silver dropped by Rs 1,280 to Rs 47,770 per kg in continuation to a loss of Rs 900 in last two sessions. Traders said the precious metals remained under pressure as retailers refrained from buying on hopes of more correction in prices and investors shifting their funds from bullion to equities. They said a steep fall in global markets, where gold traded below USD 1,300 an ounce as US lawmakers continued negotiations about increasing the debt limit and ending the partial government shutdown also influenced the sentiment. Gold in Singapore, which normally set price trend on the domestic front fell 0.3 per cent at USD 1,292.15 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 340 each to Rs 30,660 and Rs 30,460 per ten grams, respectively. Sovereign lost Rs 200 to Rs 25,000 per piece of eight grams. Silver ready dropped by Rs 1,280 to Rs 47,770 per kg and weekly-based delivery by Rs 900 to Rs 48,000 per kg on fall in demand from industrial units and coin makers. Silver coins held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.