New Delhi: Gold drifted lower by Rs150 to Rs30,000 per 10 grams at the bullion market on Wednesday, tracking weak trend overseas amid tepid local demand from jewellers and retailers. Silver, however, ended stable at Rs43,850 per kg in scattered deals.
Traders said that apart from a weak trend overseas where the rising dollar nibbled at the safe haven appeal of precious metals, low demand from local jewellers at the domestic spot markets mainly kept up pressure on gold prices.
Globally, gold fell 0.30% to $1,244.10 an ounce and silver 0.03% to $18.29 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity tumbled by Rs150 each to Rs30,000 and Rs29,850 per 10 grams, respectively.
Gold had gained Rs25 on Tuesday. Sovereign, however, remained unaltered at Rs24,500 per piece of eight grams. On the other hand, silver ready held steady at Rs43,850 per kg, while weekly-based delivery declined by Rs110 to Rs43,150 per kg. Silver coin traded at a previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
