Gold price: Globally, spot gold was down 0.3% at $1,340.66 an ounce by 1157 GMT. Gold prices on Friday plunged by Rs 240 in the national capital to Rs 32,390 per 10 grams.

A subdued demand from local jewellers coupled with weak global cues hit the gold rates hard.

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at prevailing higher levels at the domestic spot market mainly weighed on the precious metals' prices.

Silver prices also registered a fall of Rs 180 to Rs 41,300 per kg.

Globally, gold prices were on track to end the week lower as the dollar advanced on expectations of higher interest rates and the view that global political and security risks were easing.