New Delhi: After rising for three straight days, gold price drifted lower by Rs. 125 to Rs. 29,275 per 10 grams on Thursday on weak global cues amid fall in demand from local jewelers.
Silver followed suit and softened by Rs. 100 to Rs. 42,500 per kg due to reduced offtake by industrial units and coin makers.
Marketmen said apart from a weak trend overseas, easing demand from local jewellers and retailers at existing levels weighed on gold prices.
Globally, gold fell by 0.13 per cent to $1,253.80 an ounce and silver by 0.25 per cent to $18.22 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity traded lower by Rs. 125 each to Rs. 29,275 and Rs. 29,125 per 10 grams, respectively. It had gained Rs. 340 in the past three sessions. overeign, however, remained unaltered at Rs. 24,400 per piece of eight grams.
Following the yellow metal, silver ready declined by Rs. 100 to Rs. 42,500 per kg and weekly-based delivery by Rs. 185 to Rs. 42,240 per kg. While silver coins held steady at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.