NEW DELHI: Gold prices plunged by 200 to trade at 27,000 per 10 grams at the bullion market on Thursday on weak overseas cues and easing demand from jewellers.

Silver also drifted by 350 to 36,250 per kg due to reduced offtake by industrial units and coin makers.

Bullion traders said a weak trend overseas where gold was priced at lowest level in over one week after signs of a recovery in the US economy supported the case for higher borrowing costs, mainly influenced sentiments.

Globally, gold in Singapore, which normally sets price trend on the domestic front, fell 0.2 per cent to $1,184.45 an ounce, the lowest since April 14.

In the national capital, gold of 99.9 and 99.5 per cent purity dropped by 200 each to 27,000 and Rs 26,850 per 10 grams, respectively. It had gained Rs 100 on Wednesday.

The Sovereign, however, remained flat at 23,700 per piece of eight grams in restricted buying.

In line with gold, silver ready also declined by 350 to 36,250 per kg and weekly-based delivery by 245 to 35,940 per kg.

Silver coins, however, continued to trade at previous levels of 55,000 for buying and 56,000 for selling of 100 pieces.

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