Gold price falls by Rs 250 to Rs 30,750 per 10 grams

New Delhi: Gold prices declined by Rs 250 to Rs 30,750 per 10 grams on Thursday, largely on weak trend overseas amid waning demand from local jewellers.

In the national capital, gold of 99.9 percent and 99.5 percent purity slumped by Rs 250 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively. The yellow metal had gained Rs 300 in last two days.

Tracking gold, silver ready fell by Rs 300 to Rs 40,500 per kg and weekly-based delivery by Rs 275 to Rs 39,665 per kg.

At the Multi Commodity Exchange (MCX), gold for delivery in December shed Rs 65 or 0.22 percent to Rs 29,593 per 10 grams.

Globally, gold fell to over one-month low as the dollar rose on expectations of a US interest rate hike in December, while platinum was trading at a discount to palladium for the first time since 2001.

Spot gold was down 0.2 percent at USD 1,278.36 per ounce, after hitting its lowest since August 16 earlier in the session, as strong US economic data took sheen off the yellow metal.

US gold futures for December delivery fell 0.5 percent to USD 1,281.30.