Gold in India dropped tracking global cues, slipped from a 30-month high, dropping Rs 250 to Rs 31,300 per 10 grams today. Poor demand from jewellers at the domestic spot market pushed rates lower.
There was weakness in the dollar and investors were awaiting more cues on monetary stimulus from a European Central Bank policy meeting due later in the day. International gold fell 0.33 per cent to $1,345 an ounce in previous session.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 250 to Rs 31,300 and Rs 31,150 per 10 grams, respectively. It had gained Rs 600 in previous five days, reports PTI.
At the Multi Commodity Exchange, gold for delivery in October rose marginally to Rs 31,350 per 10 gram. The metal for delivery in far-month December was trading at Rs 31,479 higher by Rs 26 per 10 gram.