Gold prices tumbled by Rs. 200 to Rs. 30,400 per 10 grams in the national capital on Wednesday on heavy selling by stockists, triggered by a weak global trend.
Silver also dropped by Rs. 900 to Rs. 42,500 per kg on poor off-take by industrial units and coin makers.
Traders said heavy stockists selling sparked by weak global trend on speculation that the Federal Reserve will further reduce stimulus mainly pulled down the demand for the precious metal as a safe haven.
Gold in Singapore fell by 0.3 per cent to USD 1,292.34 and silver by 0.5 per cent to USD 19.35.
In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 200 each to Rs. 30,400 and Rs. 30,200 per 10 grams, respectively. Sovereign declined by Rs. 100 to Rs. 25,000 per piece of eight grams.
In line with a general weak trend, silver ready dropped by Rs. 900 to Rs. 42,500 per kg and weekly-based delivery by Rs. 580 to Rs. 41,700 per kg.
Silver coins also nosedived by Rs. 2,000 to Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.