Gold price drifts down by Rs 55 to Rs 29,575 amid slack demand

Extending Friday’s slide, gold prices drifted lower by Rs 55 to Rs 29,575 per 10 grams at the bullion market today, as slack demand from local jewellers continued despite the metal strengthening overseas.

However, silver advanced by Rs 100 to Rs 41,700 per kg due to increased offtake by industrial units and coin makers.

Traders said tepid demand from local jewellers as well as retailers at the domestic spot market, mainly kept gold prices lower, but a firming trend overseas capped the fall.

Globally, gold rose 0.46 per cent to USD 1,210 an ounce and silver traded 0.38 per cent higher at USD 17.06 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slipped by Rs 55 each to Rs 29,575 and Rs 29,425 per 10 grams respectively. It had lost Rs 70 yesterday.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams.

On the other hand, silver ready rose by Rs 100 to Rs 41,700 per kg, while weekly-based delivery shed Rs 25 at Rs 41,425 per kg.

On the other hand, silver coins continued to be traded at last level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.