Gold, silver decline on subdued demand, global cues

Gold prices declined further for the third straight session by Rs 155 per 10 grams at the domestic bullion market here today following subdued demand from stockists and retailers amid bearish global cues.
Silver too eased by Rs 125 per kg due to lower demand from industrial users.
Standard gold (99.5 purity) fell by Rs 160 to finish at Rs 30,385 per 10 grams from previous level of Rs 30,545.
Pure gold (99.9 purity) moved down by a similar margin to end at Rs 30,535 per 10 grams against Rs 30,695 previously.
Silver (.999 fineness) declined by Rs 285 per kg to finish at Rs 38,210 as compared to Rs 38,495 yesterday.

Overseas, gold fell half a percent early today, extending losses for a third day after comments from Federal Reserve Chairman Jerome Powell this week shored up expectations for further increases to US interest rates and held the dollar near a five-week peak.
Tightening monetary policy tends to weigh on gold because it increases the opportunity cost of holding non-yielding assets while boosting the dollar, in which the metal is priced.
Spot gold was down at USD 1,311.10 an ounce in early European trade and silver was also down at USD 16.29 an ounce.