Gold down by Rs 170 as rupee improved on Finance Minister announcements

Gold fell by Rs 170 to Rs 38,390 per 10 gram on Friday in the national capital on the strong rupee which rallied after Finance Minister Nirmala Sitharaman announced corporate tax cut, according to HDFC Securities.

Silver prices also witnessed correction, declining by Rs 120 to Rs 47,580 per kilogram from Thursday's closing price of Rs 47,700 per kilogram.

Gold had closed at Rs 38,560 per 10 gram on Thursday.

"Spot gold prices for 24 Karat in Delhi fell by Rs 170 on the 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.