Gold fails to extend 3-day winning spell, settles at Rs 30,400 per 10 grams

Zee Media Bureau

New Delhi: Failing to extend its 3-day winning stream, gold fell by Rs 140 to Rs 30,400 per 10 grams Friday amid a weak trend overseas and weak demand from jewellers.

At Multi Commodity Exchange (MCX), gold for delivery in December moved down by Rs 71, or 0.24 percent to Rs 29,839 per ten grams.

Analyst said the weakness is mostly because of a firming dollar, which somewhat took the sheen off the precious metal as a safe haven. The fall in demand from jewellers and retailers at the domestic spot market at prevailing levels contributed to the slide too.

Globally, gold fell 0.31 percent to USD 1,261.30 an ounce and silver 0.37 percent to USD 17.43 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity plunged Rs 140 each to Rs 30,400 and Rs 30,250 per 10 grams, respectively. The precious metal had gained Rs 290 in the previous three sessions.

Following gold, silver ready drifted lower by Rs 400 to Rs 42,300 per kg and weekly-based delivery by Rs 365 to Rs 41,905 per kg.

With PTI Inputs