Gold slumps by Rs 320 on fall in demand, weak global cues

Gold prices went down by Rs 320 to Rs 30,300 per 10 grams at the bullion market here Friday owing to slackened demand from local jewellers along with subdued global cues.

Silver prices too dropped by Rs 320 to Rs 37,020 per kg following persistent offtake from industrial units. Standard gold (99.5 per cent purity) fell by Rs 320 to finish at Rs 30,300 per 10 grams from Thursday’s closing level of Rs 30,620.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,450 per 10 grams as against Rs 30,770 on Thursday.

Also Read | It’s a fact: Outgoing BSF DG KK Sharma on West Bengal 'friendly' towards Rohingyas remark

Silver (.999 fineness) prices declined by Rs 320 to conclude at Rs 37,020 per kg compared to Rs 37,340 previously. Globally, gold hit a fresh six-week low as the dollar firmed after upbeat US economic data, putting the metal on track for its longest monthly losing streak since January 1997.

Spot gold was flat at $1,182.48 at early trade. Among other metals, silver rose 0.7 per cent to $14.30 an ounce.