Gold prices dropped sharply at the domestic bullion market here today following heavy selling by jewellery stockists and traders in the face of lacklustre retail buying support.
Silver also slumped owing to sustained speculative unwinding and also poor industrial demand.
Standard gold (99.5 purity) plummeted by Rs 180 to finish at Rs 26,395 per 10 grams from Monday’s closing level of Rs 26,575.
Pure gold (99.9 purity) also shed by a similar margin to settle at Rs 26,545 per 10 grams against Rs 26,725.
Silver (.999 fineness) slipped by Rs 205 to conclude at Rs 37,115 per kg compared to Rs 37,320 previously.
The bullion market was closed yesterday in view of ‘Ambedkar Jayanti’.
On the global front, the yellow-metal edged lower to two-week lows pressured by renewed dollar strength despite disappointing US macro data.
Spot gold was bid lower at USD 1,189.80 an ounce in early European trade, while spot silver quoted at USD 16.10 an ounce.