Gold dips on low demand, global cues

Gold prices drifted lower by Rs 290 to Rs 31,560 per ten grams at the bullion market on Wednesday on slackened demand from local jewellers and retailers amid weak trend overseas.

Silver also remained under selling pressure and shed another Rs 200 at Rs 37,100 per kg.

Marketmen said fall in demand from local jewellers and retailers at the domestic spot market and a weak trend overseas mainly weighed on the precious metal prices.

Globally, gold fell 0.13 per cent to USD 1,213 an ounce and silver by 0.18 per cent to USD 14.10 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity dropped by Rs 290 each to Rs 31,560 and Rs 31,410 per ten grams, respectively.