Gold down by Rs 290 on global cues, silver tumbles below 41K

Gold prices fell by Rs 290 per ten grams at the bullion market here on Friday owing to weak trend overseas amid slackened demand from local jewellers.

On the other hand, silver cracked below Rs 41,000-mark by falling Rs 670 per kg on Monday, on reduced off-take by industrial units.

Standard gold (99.5 purity) declined by Rs 290 to close at Rs 30,070 per 10 grams from last Friday’s closing level of Rs 30,360.

Pure gold (99.9 purity) also went down by a similar margin to finish at Rs 30,220 per 10 grams as against Rs 30,510 previously.

Silver (.999 fineness) dipped by Rs 670 per kg to end at Rs 40,570 against Friday’s level of Rs 41,240.

Globally, Gold prices fell from Friday’s 13-month high after relief that North Korea did not conduct a missile test over the weekend caused global stocks, the US dollar and bond yields to rise.

Spot gold was down 0.6 per cent at USD 1,338.06 an ounce at early trade.
In other precious metals, silver eased by 0.3 per cent to USD 17.87 an ounce, down from Friday’s five-month high of USD 18.21.