Mumbai: Gold prices drifted lower by Rs65 per ten grams at the domestic bullion market in Mumbai on Wednesday following its weakness globally coupled with muted demand from local jewellers.

Standard gold (99.5 purity) declined by Rs65 to close at Rs28,430 per 10 grams from Tuesday’s finish of Rs28,495. Pure gold (99.9 purity) also fell by a similar margin to settle at Rs28,580 per 10 grams as compared to Rs28,645 yesterday.

Silver (.999 fineness) fell by Rs350 to end at Rs37,910 from Rs38,260 earlier.

Globally, Gold edged down from a seven-week high as investors took profits following a recent rally, with strong economic growth in Europe and rising US stock markets encouraging a shift to riskier assets.

Spot gold was down 0.2% at $1,266.26 an ounce at early trade. In other precious metals, silver was down 0.2% at $16.66 an ounce after earlier touching its highest since 29 June.