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Stock Advisory in Indore >> Gold sheds Rs 150 to Rs 30,250 per 10 GM on weak global cues, tepid demand
Gold tumbled by Rs 150 to Rs 30,250 per ten gram at the bullion market on Friday, hit by a subdued trend overseas and falling demand from local jewelers.
Silver, too, faced selling pressure and lost Rs 125 to Rs 39,200 per kg.
Traders said the global weakness of precious metals, as higher dollar against a basket of currencies overseas dented the safe haven appeal of gold, dampened sentiments here.
Globally, gold fell 0.69 percent to $1,274.60 an ounce in New York on Thursday.
A considerable drop in demand from jewelers and retailers at existing levels, too, hit the sentiment, they said.
In the national capital, 99.9 percent and 99.5 percent purity gold drifted lower by Rs 150 each to Rs 30,250 and Rs 30,100 per ten gram, respectively. The yellow metal had lost Rs 120 on Thursday.
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