Gold prices tumble Rs 250 on global cues, low demand

Gold prices went down by Rs 250 to Rs 30,820 per 10 grams at the bullion market here today, tracking a weak trend overseas amid slackened demand from local jewellers.

Silver followed suit by plunging Rs 445 to Rs 39,390 per kg on poor off-take by industrial units and coin makers.

Standard gold (99.5 per cent purity) fell by Rs 250 to finish at Rs 30,820 per 10 grams from Thursday's closing level of Rs 31,070.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,970 per 10 grams as against Rs 31,220 yesterday.

Silver (.999 fineness) prices declined by Rs 445 to conclude at Rs 39,390 per kg compared to Rs 39,835 previously.

Globally, gold steadied below USD 1,300 an ounce ahead of the US payrolls data due later that will be closely watched for clues on outlook for the US interest rate policy.

Spot gold price stood at USD 1,297.14 an ounce in early trade.

Among other precious metals, silver was up by 0.5 per cent at USD 16.42 an ounce.