New Delhi: Gold prices drifted on Monday by 105 to trade at a three-week low of 27,225 per ten grams at the bullion market owing to slackened demand from jewellers amid a weak global trend. Silver remained under selling pressure and traded lower by 175 to 38,400 per kg.

Marketmen said low demand from jewellers amid a weak global trend mainly kept pressure on gold prices. Globally, gold traded lower by 0.24% to $1,187.10 an ounce and silver by 0.39% to $16.63 an ounce in London in early trade.

Besides, appreciating rupee against the dollar that made the precious metals imports cheaper influenced the sentiment to some extent. At the forex market, the rupee was trading 22 paise higher at 63.60 against the dollar (intra-day). In the national capital, gold of 99.9 and 99.5% purity fell by 105 each to 27,225 and 27,075 per ten grams, respectively, its lowest level since 7 May.

Sovereign, however, remained steady at 23,700 per piece of eight gram in restricted buying from retailers. Following gold, silver ready declined by 175 to 38,400 per kg and weekly-based delivery by 170 to 38,180 per kg. On the other hand, silver coins maintained a steady trend at 56,000 for buying and 57,000 for selling of 100 pieces.

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