Gold plunges by Rs 70 on lacklustre demand

Mumbai: Gold prices slumped by Rs 70 per 10 grams at the domestic bullion market here today due to poor offtake by stockists and retailers.

Elsewhere, silver also dipped owing to subdued demand from consuming industries.

Standard gold (99.5 purity) slipped by Rs 70 to end at Rs 30,485 per 10 grams from its overnight closing of Rs 30,555.

Pure gold (99.9 purity) also fell by a similar margin to end at Rs 30,635 per 10 grams as compared to Rs 30,705 earlier.

Silver (.999 fineness) declined by Rs 375 per kg to settle at Rs 38,360 from it’s Wednesday’s finish of Rs 38,735.

Globally, Gold steadied as uncertainty ahead of a European Central Bank policy meeting and further news on US trade tariffs kept the metal in a narrow range, though a stronger dollar pressured prices.

Spot gold was at USD 1,325.69 an ounce at early trade.

Silver was down 0.2 per cent at USD 16.47 an ounce.