Gold prices on Friday plunged Rs 400 to Rs 35,400 per 10 gram in the national capital due to easing demand from local jewellers even as the precious metal gathered steam overseas, according to All India Sarafa Association. Silver also declined Rs 125 to Rs 39,075 per kg due to reduced offtake by industrial units.
Globally, spot gold was trading higher at $1,409.40 an ounce in New York and silver was up at $15.21 an ounce.
"Gold prices traded steady in the upper range with international spot gold prices trading near $1,410. Fed Chair Powell continued the dovish tone on the second day of testimony sighting broken link between job rate and inflation. "Gold prices got some support today with US President Trump complaining that China is not making enough farm products purchases as agreed," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Mr Patel further added that the disappointing trade data from China may support gold prices on economic growth concerns.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plummeted Rs 400 each to Rs 35,400 per 10 gram and Rs 35,230 per 10 gram, respectively. Sovereign gold also held steady at Rs 27,400 per eight gram. On Thursday, the precious metal plunged Rs 930.
Silver ready declined by Rs 125 to Rs 39,075 per kg and weekly-based delivery dropped Rs 177 to Rs 38,179 per kg.
Prices of silver coins held flat at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.
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