Dhanteras 2016: Gold price drifts lower by Rs 110 to Rs 30,590 per 10 grams

New Delhi: Gold prices drifted lower by Rs 110 to Rs 30,590 per 10 gram at the bullion market here despite token buying by jewellers and retailers on the occasion of 'Dhanteras' on Friday.

A weak trend in the precious metals overseas mainly led to the fall in gold prices, bullion traders said.

Silver however managed to close steady at Rs 42,700 per kg on scattered demand from coin makers ahead of the Diwali festival.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in North and West India.

Despite buying support from jewellers for the auspicious festival of Dhanteras, gold failed to glitter largely due to a weak trend in global market.

Globally, gold fell 0.17 percent to trade at USD 1,265.90 an ounce in Singapore, while silver shed 0.34 percent to USD 17.53 an ounce.

Back home, gold 99.9 and 99.5 percent purity fell by Rs 110 each to Rs 30,590 and Rs 30,440 per 10 gram, respectively.

Sovereign, however, continued to be enquired at Rs 24,500 per piece of 8 grams.

In futures trading, gold for delivery in December too was down by Rs 46, or 0.15 percent at Rs 29,881 per 10 gram.

On the other hand, silver ready in restricted activity held steady at Rs 42,700 per kg, while weekly-based delivery was down Rs 15 at Rs 42,170 per kg.

Silver coins remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces on some support.

Gold prices have gone up by Rs 4,360, or 16.6 percent, while silver has spurted by Rs 7,290, or 20.58 percent from last year's Dhanteras.