Globally, gold inched lower on Thursday as investors locked in profits with focus shifting to a speech by US Federal Reserve Chairman Jerome Powell at Jackson Hole for clarity on the direction of monetary policy, news agency Reuters reported.

Silver prices advanced by Rs 60 to Rs 45,100 per kilogram. The prices gained due to increased offtake by industrial units and coin makers.

Spot gold was down 0.2 per cent at $1,498.37 an ounce in intrday trade.

US gold futures dipped 0.5 per cent to $1,508 an ounce.

"Traders are keenly awaiting the result of G7 summit for hints of any additional steps by policy makers to push global economic growth," PTI quoted Hareesh V, head commodity research, Geojit Financial Services as saying.

In the domestic market, gold prices held firm due to a feeble Indian rupee which weakened to its lowest level this year, Mr Hareesh said.

In Delhi, gold of 99.9 per cent purity rose by Rs 150 to Rs 38,970 per 10 grams, while that of 99.5 per cent gained by Rs 170 to Rs 38,820 per 10 grams.

Sovereign gold, however, held steady at 28,800 per eight grams.

Gold prices had gained by Rs. 50 to Rs. 38,820 per 10 grams in Delhi on Wednesday.