Gold prices dropped from record levels by losing Rs 150 to Rs 30,600 per 10 grams at the bullion market here today on reduced offtake at existing higher levels amid weak global cues.

Silver also declined by Rs 700 to Rs 55,100 per kg on lack of buying support from industrial units and coin makers.

Sentiment turned bearish after gold declined in global markets as investors await the outcome of the Federal Reserve’s monetary policy meeting, traders said.

In London, gold fell 0.1 per cent to $1,617.02 an ounce, while silver shed 0.2 per cent to $28.37 an ounce.

Reduced offtake by jewellery makers due to fall in demand at prevailing higher levels also dampened the trading sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell Rs 150 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively. The metal had climbed to an all-time high of Rs 30,750 yesterday.

However, sovereign found selective buying support and rose Rs 100 to Rs 24,500 per piece of eight grams.

In line with a general weakening trend, silver ready dropped by Rs 700 to Rs 55,100 per kg and weekly based delivery by Rs 615 to Rs 54,445 per kg.

Meanwhile, silver coins remained stable at Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces in restricted buying.

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