Gold falls by Rs 95, silver eases on reduced offtake

Gold prices went down by Rs 95 per 10 grams in the bullion market here today, mostly on account of weak demand from jewellers even as the metal rose overseas.

Silver, however, continued its fall for the third session and lost another Rs 90 per kg owing to reduced offtake by industrial units.

Standard gold (99.5 per cent purity) dropped by Rs 95 to close at Rs 30,265 per 10 grams from Monday's level of Rs 30,360.

Pure gold (99.9 per cent purity) also dipped by the same amount to finish at Rs 30,415 per 10 grams as compared to Rs 30,510 yesterday.

Silver (.999 fineness) declined by Rs 90 per kg to end at Rs 39,040 as compared to Rs 39,130 previously.

Globally, gold prices recovered from a nearly seven-month low as dollar eased and Asian shares sank amid heightening trade friction between the United States and major economies.

Spot gold was up 0.3 per cent at USD 1,244.72 an ounce in early trade.

In other precious metals, silver climbed 0.5 per cent to USD 15.91 an ounce.