Mumbai: Gold prices continued its fall at the domestic bullion market here on January 30 on heavy profit-taking from stockist and speculators amidst sharp fall overseas. Silver also slumped due to heavy unwinding by investors coupled with reduced industrial demand.
Standard gold (99.5 purity) dropped by Rs 220 to close at Rs 27,690 per 10 grams from Thursday's closing level of Rs 27,910. Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 27,840 per 10 grams from Rs 28,060. Silver (.999 fineness) dipped by whopping Rs 1,375 to conclude at Rs 38,200 per kg as against Rs 39,575 on January 29.
At the global, gold is headed its for its worst week in two months even as it edges higher in early morning following a 2 percent slide in the previous session on expectations for a US interest rate rise.
Investors took some profits on January 29 on concern that the strong gains seen earlier in January, which have put prices on track for their biggest monthly rise in 1-1/2 years, would not be sustained. Spot gold was up at USD 1,262.70 an ounce in early trade and Spot silver was also up to USD 16.94 an ounce.
