Even as the precious metal strengthened overseas, gold prices tumbled Rs 265 per 10 grams at the bullion market in Mumbai today following a fall in investor demand and jewellery offtake.
Standard gold with 99.5 purity fell by Rs 265 to close at Rs 30,235 per 10 grams, while silver was down by Rs 343 per kg.
Gold with 99.9 purity was at Rs 30,385 per 10 grams compared Rs 30,650 yesterday, and silver (.999 fineness) gell Rs 343 per kg to end at Rs 38,435.
However, global gold prices rose today as investors used dips to accumulate the yellow metal after it dropped more than 1% to its lowest in over three weeks.
Spot gold was up 0.2% at $1,328.13 per ounce, at early trade, according to Reuter data.
Spot silver climbed 0.3% to $16.68 per ounce.