Mumbai: Gold prices dropped at the domestic bullion market here due to lack of demand from stockist and retailers amid sluggish global trend.
Silver also slipped to close below Rs 39,000 per kg following intense selling pressure from traders coupled with subdued industrial offtake.
Standard gold (99.5 purity) slumped by Rs 260 to finish at Rs 27,785 per 10 grams from last Saturday’s closing level of Rs 28,045. Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 27,935 per 10 grams as against Rs 28,195 previously.
Silver (.999 fineness) dipped by Rs 730 to end at Rs 39,850 per kg as compared to Rs 40,580 last weekend.
At the global, gold steadied in early trade, looking to snap two sessions of losses, as the dollar and shares eased ahead of a US Federal Reserve policy meeting that may push back expectations for when US interest rates will rise.
Spot gold was up at USD 1,281.46 an ounce in early trade. The metal had fallen 1.6 percent in the previous two sessions on strong equities and uncertainties over the Greek election. While, silver spot was also up at USD 17.87 an ounce.