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Gold prices dipped to over three-month lows at the bullion market here today on heavy selling by stockists and jewellers tracking weak international markets.
Silver also dropped to nearly two-month lows owing to unwinding of positions by speculators and lack of industrial demand.
The bullion market had remained closed yesterday due to ‘Holi’ festival.
Standard gold (99.5 purity) slid by Rs 390 to close at Rs 26,140 per 10 grams from Thursday’s closing level of Rs 26,530. (the prices not settled this low since last November 28).
Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 26,290 per 10 grams from Rs 26,680.
Silver (.999 fineness) slumped by Rs 345 per kg to conclude at Rs 36,775 against Rs 37,120 previously.
Globally, gold fell nearly 3 per cent late yesterday after stronger-than-expected US non-farm payrolls fuelled expectations that the Federal Reserve will raise rates sooner rather than later, and the dollar jumped to an 11-1/2 year high.
In New York, gold for April delivery dropped $31.90 to settle at $1,164.30 an ounce in late overnight trade, while May silver lost 35.1 cents to close at $15.807 an ounce.
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