Gold price falls on poor demand, weak global cues

New Delhi, Nov 28: Gold prices drifted lower by Rs 290 to Rs 31,560 per ten grams at the bullion market Wednesday on slackened demand from local jewellers and retailers amid weak trend overseas.

Silver also remained under selling pressure and shed another Rs 200 at Rs 37,100 per kg.

Marketmen said fall in demand from local jewellers and retailers at the domestic spot market and a weak trend overseas mainly weighed on the precious metal prices.

Globally, gold fell 0.13 per cent to USD 1,213 an ounce and silver by 0.18 per cent to USD 14.10 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity dropped by Rs 290 each to Rs 31,560 and Rs 31,410 per ten grams, respectively.

Sovereign gold also traded lower by Rs 100 to Rs 24,700 per piece of eight gram.

Following gold, silver ready fell by Rs 200 to Rs 37,100 per kg while weekly-based delivery lost Rs 253 at Rs 35,782 per kg.

Silver coins, too, plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.