Extending the fall for the third day in a row, gold prices dropped on Friday on weak global cues and lacklustre local demand. Firming of the US dollar amid positive US economic data numbers after the US Federal Reserve indicated further rate hikes, pushed the gold prices down, according to sources. Following the downtrend witnessed in gold rates, silver prices also dipped due to poor offtake by industrial units and coin makers.
Gold rates dropped by Rs. 250 to Rs. 31,300 per ten gram at the bullion market Friday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs. 250 each to Rs.31,300 and Rs. 31,150 per ten gram, respectively. It had lost Rs. 175 in the previous two days.