Gold slumps Rs 120 on lacklustre demand, global cues

Gold prices declined by Rs 120 to Rs 30,400 per 10 grams today, mostly on account of slackened demand from jewellers and weak global cues.
Silver also remained under selling pressure and cracked below the Rs 40,000-mark by falling Rs 675 to Rs 39,325 per kg.
Market analysts said tepid demand from jewellers and retailers at the domestic spot market and a weak trend in the global market pressured by upbeat US growth data for the third quarter, weighed on the precious metal prices.
Globally, gold fell 0.16 per cent to USD 1,281.40 an ounce and silver slipped 0.15 per cent to USD 16.48 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs 120 each to Rs 30,400 and Rs 30,250 per 10 grams, respectively. The precious metal had gained Rs 20 yesterday.
Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.
In a similar fashion, silver ready slumped by Rs 675 to Rs 39,325 per kg and weekly-based delivery declined by Rs 775 to Rs 37,920 per kg.
Silver coins were unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.