Gold drops by Rs 130 to Rs 26,255 per 10 gm in Mumbai
Mumbai: Gold prices dropped at the domestic bullion market Saturday due to reduced offtake from stockists as well as lack of retail buying support amid continued global-sell-off.
Silver also retreated to close below the important Rs 44,000 per kg mark on back of heavy speculative unwinding amid poor industrial demand.
Standard gold of 99.5 percent purity shed Rs 125 to conclude at Rs 26,120 per 10 gm from overnight closing level of Rs 26,245.
Pure gold of 99.9 percent purity fell by Rs 130 to end at Rs 26,255 per 10 gm from Rs 26,385.
Silver ready (.999 fineness) slumped by Rs 300 to finish at Rs 43,800 per kg from Friday's closing level of Rs 44,100.
Globally, selling in precious metals remained unabated for the seventh session on fears over scaling down stimulus programme earlier-than-expected amid improved US consumer- sentiment data and a stronger dollar.
Gold for June delivery plunged USD 22.20 to settle at USD 1,364.70 an ounce on the Comex division of the NYMEX late yesterday.
Silver July contract declined to settle at USD 22.35 an ounce.