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Gold drops on subdued demand, sluggish global cues

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Mumbai :Gold prices dropped at the bullion market here today due to reduced offtake by jewellery traders and stockists in the face of lacklustre overseas sentiment.

In contrast, silver strengthened further owing to higher buying support from consuming industries.

Standard gold (99.5 purity) fell by Rs 75 to conclude at Rs 24,815 per 10 gm from Saturday’s closing of Rs 24,890.

Pure gold (99.9 purity) also declined by a similar margin to Rs 24,965 per 10 gm against Rs 25,040.

However, silver (.999 fineness) rose by Rs 190 to finish at Rs 34,815 per kg compared to weekend’s level of Rs 34,625.

Globally, the metal continued to struggled below the key psychological USD 1,100-level on the back of marginally stronger dollar and also sustained outflows in exchange-traded funds(ETFs).

Spot gold was lower at USD 1,091.10 an ounce in early European trade and silver quoted little changed at USD 14.67 an ounce.

PTI