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Gold prices dropped further at the bullion market here on Tuesday on profit taking by stockists and investors amid subdued demand from jewellery makers.
Silver also slumped on fresh speculative sell-off coupled with lower industrial demand.
Domestic investors are taking out some profit and were reluctant to take fresh long positions in the absence of any major supportive cues from overseas markets ahead of holiday- thinned week, traders said.
Standard gold of 99.5 per cent purity slipped by Rs 85 to end at Rs 27,500 per 10 grams from Monday’s closing level of Rs 27,585.
Pure gold of 99.9 per cent purity also shed by a similar margin to finish at Rs 27,630 per 10 grams from Rs 27,715.
Silver ready (.999 fineness) declined by Rs 245 to close at Rs 52,285 per kg as compared to Rs 52,530 yesterday.
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