Gold prices drifted further down by Rs 80 to Rs 18,585 per ten gram in the Indian capital Saturday on increased selling by stockists after metal prices tumbled in overseas markets.
The precious metal fell by 20.10, or 1.7 per cent, to 1,188.20 dollar on the Comex in New York, the biggest drop since July 1. The metal lost 1.8 per cent over the week.
Gold with 99.99 purity and 99.5 purity fell by Rs 80 each to Rs 18,585 and Rs 18,485 per ten gram, respectively. They had ended lower by Rs 75 in the previous two trading sessions.
However, sovereign remained steady at Rs 14,700 per piece of eight gram.
Marketmen said in addition to a weakening trend in global markets, reduced offtake at existing higher levels also pulled down precious metal prices.
In line with the general weak trend, silver plunged by Rs 315 to Rs 29,060 per kg and weekly-based delivery by Rs 370 to Rs 28,790 per kg.
Silver coins also tumbled by Rs 300 to Rs 34,100 for buying and Rs 34,200 for selling of 100 pieces.