Gold prices slumped for the second day by Rs 120 per 10 grams at the bullion market here today, taking weak cues from global market amid slackened demand from jewellers and retailers.
Silver too weakened further by Rs 140 per kg due to reduced offtake by industrial units.
Standard gold (99.5 purity) dropped by Rs 120 to close at Rs 29,495 per 10 grams from Tuesday's level of Rs 29,615.
Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 29,645 per 10 grams compared Rs 29,765 yesterday.
Silver (.999 fineness) fell by Rs 140 per kg to end at Rs 39,430 as compared to Rs 39,570 previously.
Globally, Gold fell for a third straight session on pressure from a firmer dollar amid speculation that the next US Fed chair may be a policy hawk.
Spot gold was down 0.4 per cent at USD 1,280.13 an ounce at early trade, earlier touching its lowest since October 9 at USD 1,279.
In other precious metals, silver was down 0.3 per cent at USD 16.93 an ounce, after touching a one-week low in the previous session.
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