Gold drops on hectic selling, silver also slumps
Mumbai: Gold prices dropped at the domestic bullion market Thursday on hectic profit-taking by stockists and traders coupled with uncertain global cues.
Silver also slipped owing to speculative sell-off amidst lower industrial buying and again settled below the Rs 42,000 per kg mark.
Standard gold of 99.5 percent purity fell by Rs 255 to close at Rs 28,270 per 10 gm from Wednesday's closing level of Rs 28,525.
Pure gold of 99.9 percent purity declined by Rs 240 to end at Rs 28,415 per 10 gm from Rs 28,655.
Silver ready (.999 fineness) slumped by Rs 505 to finish at Rs 41,950 per kg from overnight close of Rs 42,455.
In overseas market, gold traded dull on investor cautiousness over the outlook of US monetary policy even after the Federal Reserve gave no indication of tapering easy money policy amid recovery in dollar.
In London, spot gold was flat at USD 1,323.16 an ounce in early trade, while silver was bid down at USD 19.73 an ounce.