Mumbai:- Gold prices dropped at the domestic bullion market here due to reduced buying from jewellery stockists and retailers in the face of lacklustre overseas sentiment.
Elsewhere, silver took a severe knock to close below key Rs 36,000 mark following heavy speculative unwinding.
Standard gold (99.5 purity) slumped by Rs 190 to end at Rs 28,155 per 10 grams from last Friday’s closing value of Rs 28,345.
Pure gold (99.9 purity) also shed by a similar margin to finish at Rs 28,305 per 10 grams compared to Rs 28,495 earlier.
Silver (.999 fineness) plummeted by a whopping Rs 960 to conclude at Rs 35,970 per kg as against weekend’s level of Rs 36,930.
In worldwide trade, the shiny metal continued to trade weak after better-than-expected US jobs and factory data spurred speculation the Fed could raise interest rates sooner than expected whereas dollar rose to five-and-a-half month high against the other major currencies.
Spot gold was marginally lower at USD 1,220 an ounce in early European trade, while silver quoted little changed at USD 15.010.
PTI
