Mumbai, Apr 5 (PTI) Gold prices declined Rs 370 per 10 grams at the bullion market here today, mostly on the back of weak overseas cues and muted demand from local jewellers.

Silver followed suit and dropped below the crucial Rs 38,000-mark by tumbling Rs 430 per kg on poor offtake by industrial units.

Standard gold (99.5 purity) dropped by Rs 370 to conclude at Rs 30,540 per 10 grams from Wednesday’s closing level of Rs 30,910.

Pure gold (99.9 purity) also shed the same amount to end at Rs 30,690 per 10 grams as compared to Rs 31,060 earlier.

Silver (.999 fineness) slumped by Rs 430 to finish at Rs 37,900 per kg from Rs 38,330 previously.

Globally, gold prices fell after the US and China signalled willingness to resolve a trade dispute through negotiations, reducing safe haven demand for bullion.

Spot gold was down 0.4 per cent at USD 1,327.11 an ounce in early trade.

In other precious metals, spot silver was up 0.1 per cent at USD 16.29 an ounce.

This is published unedited from the PTI feed.