Gold prices plunged by Rs 265 per 10 grams at the bullion market here today following reduced investor demand and jewellery offtake even as the precious metal strengthened overseas.
Silver too weakened by Rs 343 per kg due to reduced offtake by industrial units.
Standard gold (99.5 purity) dropped by Rs 265 to close at Rs 30,235 per 10 grams from Tuesday's level of Rs 30,500.
Pure gold (99.9 purity) also dipped by the same amount to finish at Rs 30,385 per 10 grams as compared Rs 30,650 yesterday.
Silver (.999 fineness) declined by Rs 343 per kg to end at Rs 38,435 as compared to Rs 38,775 previously.
Globally, gold rose as investors overlooked the precious metal's failure to capitalise on this weeks global stock market rout and held onto the view that the dollar's bear run remains in place despite rate hike expectations.
Spot gold was up 0.2 per cent at USD 1,328.13 per ounce, at early trade.
Spot silver climbed 0.3 per cent to USD 16.68 per ounce.
Disclaimer: No Business Standard Journalist was involved in creation of this content
