New Delhi: Gold prices drifted lower by Rs70 to Rs31,750 per 10 grams at the bullion market in Delhi on Saturday owing to easing demand from local jewellers at prevailing levels amid a weak trend overseas.
Bullion traders said slackness in demand from local jewellers and retailers at current levels along with a weak trend overseas, mainly weighed on gold prices.
Globally, gold fell 0.50% to $1,346.50 an ounce in New York yesterday.
In the national capital, gold of 99.9% and 99.5% purity declined by ₹ 0 to ₹ 1,750 and ₹ 31,600 per 10 grams, respectively. The precious metal had gained ₹ 20 in the previous two days. Sovereign, however, remained unaltered at ₹ 4,800 per piece of eight grams.
On the other hand, silver ready recovered by Rs370 to Rs39,750 and weekly-based delivery rose by Rs25 to Rs38,665 per kg. Silver coins also spurted by Rs1,000 to Rs75,000 for buying and Rs76,000 for selling of 100 pieces.