New Delhi: Snapping its two-day rising streak, gold prices slipped by Rs 100 to Rs 31,150 per ten grams at the bullion market Friday on weak global cues amid slackened demand from jewellers in domestic spot market.
Silver also fell by Rs 655 to Rs 44,420 per kg due to reduced offtake by industrial units and coin makers.
Traders said besides a weak trend in the overseas markets, muted demand from jewellers and retailers at prevailing levels at domestic spot market led to the fall in prices. Market remained closed yesterday on account of 'Janmashtami'.
Globally, gold fell 0.17 percent to USD 1,321.60 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 percent and 99.5 per cent purity fell by Rs 100 each to Rs 31,150 and Rs 31,000 per 10 grams, respectively. The precious metal had gained Rs 200 in the previous two sessions.
Sovereign, however, held steady at Rs 24,300 per piece of eight grams.
Tracking gold, silver ready dropped by Rs 655 to Rs 44,420 per kg and weekly-based delivery by Rs 630 to Rs 43,860 per kg.
Silver coins, however, held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.