Mumbai: Gold prices weakened further for the fourth straight session—this time by Rs 240 per 10 grams—at the domestic bullion market in Mumbai on Friday due to poor offtake by stockists as well as lack of local buying support in sync with weakening global trend.
Silver also continued its downfall owing to sluggish industrial demand. Standard gold (99.5% purity) plunged by Rs240 per 10 grams to finish at Rs28,400 from its overnight closing level of Rs28,640.
Pure gold (99.9 purity) also dipped by a similar margin to end at Rs 28,550 per 10 grams compared to Rs 28,790 previously.
Silver (.999 fineness) slipped by Rs 710 to finish at Rs 41,065 per kg from Thursday’s close of Rs 41,775. Globally, gold fell to its lowest in more than five weeks as traders took to the sidelines ahead of US payrolls data, which will be closely watched for clues on the outlook for US monetary policy.
Spot gold was down 0.38% at $1,196.19 an ounce at early trade, while US gold futures for April delivery were down $6.8 an ounce at $1,196.40.
Among other precious metals, silver was down 0.41% at 16.88 per ounce, after hitting its lowest since 27 January at $16.78.