Gold prices crashed by Rs 820 to Rs 30,530 per ten gram at the bullion market on Saturday, hurt by weak global cues amid dip in demand from local jewellers. It is the biggest single-day fall in gold prices this year. On the other hand, silver held steady at Rs 42,000 per kg on scattered enquiries from industrial units and coin makers.
Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at prevailing higher levels mainly pulled down gold prices. Globally, gold after hitting one-year high of $ 1,357.64 an ounce, fell 0.19 per cent to $1,346 an ounce and silver by 0.91 per cent to $17.93 an ounce in New York in yesterday's trade. Besides, a drop in demand from local jewellers and retailers at domestic spot market fuelled the downtrend. In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 820 each to Rs 30,530 and Rs 30,380 per ten gram respectively.