New Delhi, Sep. 20 (PTI): Gold fell by INR 170 to INR 38,390 per 10 gram on Friday in the national capital on strong rupee which rallied after Finance Minister Nirmala Sitharaman announced corporate tax cut, according to HDFC Securities.
Silver prices also witnessed correction, declining by INR 120 to Rs 47,580 per kilogram from Thursday's closing price of INR 47,700 per kilogram.
Gold had closed at INR 38,560 per 10 gram on Thursday.
"Spot gold prices for 24 Karat in Delhi fell by Rs 170 on stronger rupee after the Finance Minister announced corporate tax cut. The spot rupee traded 40 paise stronger against the dollar during the day," Tapan Patel, senior analyst - commodities, HDFC Securities said.
The rupee extended the morning gains and rallied 66 paise to 70.68 against the US dollar on Friday after Sitharaman announced several measures to promote investment and growth.
The government slashed effective corporate tax to 25.17 per cent, inclusive of all cess and surcharges, for domestic companies.
In the global market, gold prices traded up at USD 1,503 an ounce in New York, while silver was also trading up at USD 17.87 per ounce.
