Gold drops Rs 1,150 to Rs 80,050/10 grams

New Delhi: Gold price dropped Rs 1,150 to Rs 80,050 per 10 grams in the national capital on Friday on slackened demand from jewellers and retailers, according to All India Sarafa Association.

Silver also remained under selling pressure and slipped below the Rs 1 lakh mark by declining Rs 2,000 to Rs 99,000 per kg. The metal had closed at Rs 1.01 lakh per kg in the previous close on Thursday.

Additionally, gold of 99.5 per cent purity fell Rs 350 to Rs 80,450 per 10 grams against the previous close of Rs 80,800, while the precious metal of 99.9 per cent purity declined Rs 1,150 to Rs 80,050 per 10 grams against Rs 81,200 on

Thursday.

Traders said tepid demand from jewellers and retailers in the local markets and a weak trend in the overseas markets weighed on gold prices.

In the global markets, Comex gold futures fell by $15.90 per ounce or 0.58 per cent to $2,733 per ounce.

Silver was traded 1.39 per cent lower at $33.33 per ounce in the Asian market hours.