Mumbai: Gold failed to sparkle on auspicious ‘Dhanteras’ as prices drifted lower by Rs 245 to Rs 29,615 per 10 grams at the bullion market here today despite token buying by jewellers and retailers amid weak global cues.

Silver too dropped on speculative profit-booking after its recent rally on the back of reduced industrial buying.

Standard gold (99.5 per cent purity) declined by Rs 245 to close at Rs 29,615 per 10 grams from Monday’s closing level of Rs 29,860.

Pure gold (99.9 per cent purity) also went down by a similar margin to finish at Rs 29,765 per 10 grams as against Rs 30,010 previously.

Silver (.999 fineness) fell by Rs 540 per kg to end at Rs 39,570 as against yesterday’s level of Rs 40,110.

Globally, gold prices fell to a near one-week low on speculation that the eventual successor to US Federal Reserve Chair Janet Yellen will favour higher interest rates, denting bullion’s appeal.

Spot gold was down 0.3 per cent at USD 1,289.66 an ounce at early trade, while US gold futures for December delivery slipped 0.9 per cent to USD 1,291.70 per ounce.

Silver fell 0.4 per cent to USD 17.12 an ounce.