Gold fell by Rs 170 to Rs 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.

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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 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 $1,503 an ounce in New York, while silver was also trading up at $17.87 per ounce.

Meanwhile, the domestic equity market witnessed heavy buying, with the benchmark Sensex skyrocketing over 2,284.55 points during the session on Friday after the government announced a slew of measures to boost the economy.

First Published:Sept 20, 2019 5:25 PM IST