Gold prices retreated from a 29-month high by plunging Rs 360 to Rs 30,980 per 10 grams in the bullion market today, on falling demand from jewellers amid a weak trend overseas.

 Traders said a muted gold demand from jewellers at the existing higher levels and a weak trend overseas mainly contributed to the fall. 

Globally, gold fell 0.19 % to USD 1,347.90 an ounce in Singapore. The precious metal has gone up by 27 per cent this year, rising 2.2 per cent in July.

  In the national capital, gold of 99.9% and 99.5 %purity dropped by Rs 360 to Rs 30,980 and Rs 30,830 per 10 grams, respectively. It had risen by Rs 540 in Saturday's trade. Sovereign followed suit and declined by Rs 200 to Rs 24,100 per piece of eight grams.