Gold maintains downtrend on sluggish demand, global cues

New Delhi, Nov 5. Gold dropped by Rs 200 to Rs 31,100 per ten grams in the national capital today, maintaining its seven-day long losing streak, following sluggish demand amid weakening global trend. Silver also fell by Rs 500 to Rs 48,500 per kg on reduced offtake by industrial units and coin makers. Traders said besides sluggish demand, weak trend in overseas markets mainly kept pressure on gold and silver prices. Gold in London, which normally sets price trend on the domestic front, fell by USD 2.20 to USD 1,312.40 an ounce and silver by 0.12 per cent to USD 21.63 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity dropped by Rs 200 each to Rs 31,100 and Rs 30,900 per ten grams, respectively, after losing Rs 1,270 in the previous six-sessions. Sovereign shed Rs 100 to Rs 25,200 per piece of eight grams on lack of buying support. In line with a general weak trend, silver ready fell by Rs 500 to Rs 48,500 per kg and weekly-based delivery by Rs 700 to Rs 48,000 per kg. The white metal had lost Rs 150 in the previous session. Silver coins also tumbled by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.