Gold prices drifted lower by Rs 105 to Rs 32,370 per 10 grams at the bullion market today, halting its four-day rising streak on the...

Gold prices drifted lower by Rs 105 to Rs 32,370 per 10 grams at the bullion market today, halting its four-day rising streak on the back of weak global cues amid easing demand from local jewelers at prevailing higher levels. Silver followed suit and dropped by Rs 350 to Rs 41,200 per kg backed by reduced offtake by industrial units and coin makers.

Easing demand from local jewelers

Traders said besides weak trend overseas, as strength in the dollar against other currencies overseas eroded the appeal of the precious metal as a safe-haven investment, fall in demand from local jewelers and retailers at existing higher levels at domestic spot market weighed on the prices. Gold prices fell 0.22 percent to USD 1,301.20 an ounce and silver by 0.99 percent to USD 16.47 an ounce in New York in yesterday's trade.

Silver coins were unaltered

In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 105 each to Rs 32,370 and Rs 32,220 per 10 grams, respectively. The precious metals had gained Rs 600 in the previous four sessions. Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight grams in limited deals. Following gold, silver ready plunged by Rs 350 to Rs 41,200 per kg and weekly-based delivery by Rs 495 to Rs 40,265 per kg. Silver coins, however, were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.