Gold falls Rs 125 to Rs 29,275 per 10 grams

New Delhi: After rising for three straight days, gold drifted lower by Rs 125 to Rs 29,275 per 10 grams on Thursday on weak global cues amid fall in demand from local jewellers.

Silver followed suit and softened by Rs 100 to Rs 42,500 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said apart from a weak trend overseas, easing demand from local jewellers and retailers at existing levels weighed on gold prices.

Globally, gold fell by 0.13 percent to USD 1,253.80 an ounce and silver by 0.25 percent to USD 18.22 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 percent purity traded lower by Rs 125 each to Rs 29,275 and Rs 29,125 per 10 grams, respectively. It had gained Rs 340 in the past three sessions.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams.

Following the yellow metal, silver ready declined by Rs 100 to Rs 42,500 per kg and weekly-based delivery by Rs 185 to Rs 42,240 per kg.

While silver coins held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.