Gold, silver plunge on subdued demand

Gold prices declined by Rs 75 per 10 gram at the bullion market here Wednesday on poor offtake by investors even as the metal firmed up overseas.

Silver prices also tumbled by Rs 240 per kg due to poor demand by industrial units and coin makers.

Standard gold (99.5 per cent purity) dropped by Rs 75 to end at Rs 30,735 per 10 gram from Tuesday's closing level of Rs 30,8100.

Pure gold (99.9 per cent purity) also moved down by a similar margin to Rs 30,885 per 10 gram as compared to Rs 30,960 earlier.

Silver (.999 fineness) dipped by Rs 240 to conclude at Rs 36,750 per kg as against Rs 36,990 previously.

Globally, gold bounced as investors shrugged off concerns about the US-China trade war and the dollar weakened, luring some buyers back into the market.

Spot gold climbed 0.5 per cent to USD 1,202.96 an ounce in an early trade after going into the red on Tuesday.

Among other precious metals, spot silver rose by 0.3 per cent to USD 14.17 an ounce.