Gold price plunges by Rs. 310 to Rs. 30,290 per ten grams

Gold plunged by Rs. 310 to Rs. 30,290 per ten grams in the national capital Friday owing to slackened demand amid strengthening of the rupee against the U.S. dollar.

Silver also declined by Rs. 900 to Rs. 43,600 per kilo gram. Traders said decreased demand at current levels amid strengthening rupee against the dollar, making the import of gold cheaper hence, pulling down gold prices. Reduced offtake by industrial offtake kept pressure on silver prices.

A similar weakening trend was also witnessed in Mumbai, as gold of 99.9 and 99.5 percent purity fell by Rs. 160 each to Rs. 30,100 and Rs. 29,950 per ten grams, respectively. Also, silver plunged by Rs. 600 to Rs. 44,450 per kilo gram.