Gold Drops Rs 1,150, Silver Declines Rs 2,000

New Delhi: Gold price dropped Rs1,150 to Rs80,050 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 Rs1 lakh mark by declining Rs2,000 to Rs99,000 per kg. The metal had closed at Rs1.01 lakh per kg in the previous close on Thursday. Additionally, gold of 99.5 per cent purity fell Rs350 to Rs80,450 per 10 grams against the previous close of Rs80,800, while the precious metal of 99.9 per cent purity declined Rs1,150 to Rs80,050 per 10 grams against Rs81,200 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.