Gold plunges Rs 335, silver falls below Rs 41K-mark

Gold prices tumbled by Rs 335 per ten grams at the bullion market today on slump in demand from local jewellers, shrugging off a firm trend overseas.

Silver, also, dipped and lost Rs 1,310 per kg at Rs 40,205 following persistent offtake from industrial units.

Standard gold (99.5 per cent purity) fell by Rs 335 to end at Rs 30,765 per 10 grams from last Friday's closing level of Rs 31,100.

Pure gold (99.9 per cent purity) also moved down by a similar margin to Rs 30,915 per ten grams as compared to Rs 31,250 earlier.

Silver (.999 fineness) dipped by Rs 1,310 per kg to conclude at Rs 40,205 as against Rs 41,515, earlier.

Globally, gold held close to five-and-a-half month lows, with a strong dollar offsetting the impact on prices of an escalating trade dispute between the United States and China.

Spot gold was trading up by 0.2 per cent at USD 1,281.12 an ounce in early trade.

In other precious metals, silver was trading up by 0.5 per cent at USD 16.59 an ounce after falling 3.6 per cent on Friday.