TIL Desk/Business/New Delhi-Gold prices drifted lower by Rs 155 to Rs 31,125 per ten grams today following its weakness globally coupled with muted demand from jewellers in domestic spot market. Silver also cracked below the Rs 47,000-mark by falling Rs 400 to Rs 46,950 per kg due to reduced offtake by industrial units and coin makers.
The decline comes a day after gold had surged by Rs 310 to Rs 31,280 per ten grams, while silver had gained Rs 1,050 to Rs 47,350 per kg on Wednesday. Traders said that besides a weak trend in the overseas markets today, slackened demand from jewellers and retailers at prevailing levels at domestic spot market led to the fall in prices here.
In global markets, gold fell 0.4 per cent to USD 1,341.50 an ounce in Singapore. Besides, easing demand from jewellers and retailers at existing levels at domestic spot market weighed on prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 155 each to Rs 31,125 and Rs 30,975 per 10 grams, respectively. The precious metal had surged by Rs 310 yesterday.
