Gold, silver drop on subdued demand

Gold prices dropped by Rs 155 to Rs 30,430 per 10 gram at the bullion market here Friday due to subdued demand from stockists and retailers despite a firm trend in overseas markets.

Silver prices also tumbled by Rs 340 to Rs 36,480 per kg owing to reduced offtake by industrial units.

Standard gold (99.5 per cent purity) declined by Rs 155 to close at Rs 30,430 per 10 gram from Thursday's level of Rs 30,585.

Pure gold (99.9 per cent purity) moved down by the same amount to end at Rs 30,580 per 10 gram against Rs 30,735, previously.

Silver (.999 fineness) dipped by Rs 340 per kg to finish at Rs 36,480 as compared to Rs 36,820 yesterday.

Globally, gold steadied as the dollar slipped versus a currency basket despite fears over looming the US- China trade tariffs and as investors turned their attention to the US payrolls data due later.

Spot gold edged up by 0.1 per cent to USD 1,201.04 in an early trade.

Spot silver was up by 0.2 per cent at USD 14.1 per ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)