Gold prices drifted below the Rs.30,000-mark by falling Rs.275 to Rs.29,725 per 10 grams at the bullion market on Friday on weak global trend and fall in demand from local jewellers.
Silver also dropped by a whopping Rs.1,350 to Rs.42,700 per kg on reduced offtake by industrial units and coin makers.
Traders said that a weak trend overseas and strength in the dollar against a basket of currencies on rising hopes of US rate hike this month, reduced the appeal of the precious metals.
Globally, gold fell 0.21 per cent to $1,231.40 an ounce in Singapore.
Besides, a drop in demand from local jewellers and retailers at current levels too weighed on prices, they added.
In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs.275 each to Rs.29,725 and Rs.29,575 per ten grams, respectively.
Sovereign, however, remained steady at Rs.24,500 per piece of eight grams.
In step with gold, silver ready dropped by Rs.1,350 to Rs.42,700 per kg and weekly-based delivery by Rs.1,160 to Rs.42,160 per kg.
Silver coins too plummeted by Rs.1,000 to Rs.73,000 for buying and Rs.74,000 for selling of 100 pieces.