Gold, silver drop on selling, global cues

Mumbai: Gold prices dropped further at the domestic bullion market here on sustained selling by stockists and investors coupled with subdued local buying interest, also mainly triggered by a continuous fall in International markets. Silver also dipped on persistent speculative selling amid poor industrial demand.

Standard gold (99.5 purity) slid by Rs 355 to close at Rs 26,445 per 10 grams from Tuesday’s closing level of Rs 26,800. Pure gold (99.9 purity) also slipped by a similar margin of Rs 355 to end at Rs 26,595 per 10 grams as against Rs 26,950 previously. Silver (.999 fineness) plunged by Rs 785 a kg to close at Rs 35,045 as compared to Rs 35,830 yesterday.

On the global front, gold fell further in early European trade, tracking losses in other markets as concerns remained about China’s economic slowdown even after it eased monetary policy. In London, spot gold dropped to USD 1,133.56 an ounce in early trade, while spot silver declined to USD 14.56 an ounce.

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