Gold price drifts lower by Rs 100 to Rs 30,300 per 10 grams

New Delhi: Gold drifted lower by Rs 100 to Rs 30,300 per 10 grams at the bullion market on Friday amid a weak global trend and subdued demand from jewellers.

Silver also dropped by Rs 275 to Rs 42,350 per kg due to reduced offtake by industrial units and coin makers.

Besides, a weak trend overseas and fall in demand from jewellers and retailers at the domestic spot market mainly put pressure on the precious metal prices, traders said.

Globally, gold fell 0.21 percent to USD 1,255.10 an ounce and silver by 0.14 percent to USD 17.44 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 100 each to Rs 30,300 and Rs 30,150 per 10 grams, respectively. The precious metal had gained Rs 250 yesterday.

Sovereign, however, continued to be traded flat at Rs 24,300 per piece of eight grams.

Tracking gold, silver ready declined by Rs 275 to Rs 42,350 per kg and weekly-based delivery cracked below the Rs 42,000-mark by falling Rs 280 to Rs 41,950 per kg on lack of speculative buying.

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