NEW DELHI: Gold prices dipped below 30,000 per ten grams level for the first time in over four months in the national capital on stockists selling against fall in demand at prevailing higher levels.

Gold dropped 275 to 29,900 per ten grams, the level last seen on August 14.

However, silver added 310 to 44,000 per kg on increased offtake by industrial units and coin makers.

In Mumbai, gold of 99.9 and 99.5 per cent purity traded lower at 29,940 and 29,800 per ten grams, respectively, while silver enquired at 44,440 per kg.

Traders said stockists selling against fall in demand at prevailing higher levels mainly pulled down gold prices.

They said sentiment also turned bearish in the absence of any direction from overseas markets following closure for 'Christmas' and 'New Year' holidays.

In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by 275 each to 29,900 and 29,700 per ten grams, respectively. It had gained Rs 125 yesterday. Sovereign held steady at 25,100 per piece of eight grams.

On the other hand, silver ready strengthened by 310 to 44,000 per kg and weekly-based delivery by 130 to 44,120 per kg. The white metal had gained 140 in last trade.

Silver coins, however, held steady at 84,000 for buying and 85,000 for selling of 100 pieces.