Gold edges down on lower demand, global cues

Silver also fell further by Rs 195 to Rs 37,740 per kg due to reduced offtake by industrial units.

Standard gold (99.5 per cent purity) moved down by Rs 5 to close at Rs 29,700 per 10 grams from Wednesday's closing level of Rs 29,705.

Pure gold (99.9 per cent purity) also edged down by a similar amount to close at Rs 29,850 per 10 grams compared to Rs 29,855, yesterday.

Silver (.999 fineness) declined by Rs 195 per kg to end at Rs 37,740 as compared to Rs 37,935 previously.

Globally, gold prices sank to a fresh one-year low as the dollar powered higher following comments from US Federal Reserve Chairman Jerome Powell which reaffirmed expectations for more interest rate rises in the world's largest economy.

Spot gold fell 0.8 per cent to USD 1,216.61 per ounce at early trade.

Among other precious metals, silver was down 2 per cent at USD 15.21 an ounce, its lowest since last July.