Gold prices dropped at the bullion market on Wednesday owing to sustained profit—taking by stockist and investors amid subdued local buying interest as well as prevailing bearish global trend.
Silver also slumped further on continued speculative sell—off following poor industrial demand.
“The selling pressure mainly attributed to reigning global situation and bullish equity markets did the investors turnaround,” a dealer said, adding jewellery demand may soar if corrections continued.
Standard gold (99.5 purity) fell by Rs 195 per 10 gm to end at Rs 30,430 from Tuesday’s closing level of Rs 30,625.
Pure gold (99.9 purity) also dipped by Rs 190 per 10 gm to finish at Rs 30,565 from Rs 30,755.
Silver ready (.999 fineness) tumbled by Rs 480 per kg to close at Rs 57,670 as against Rs 58,150 previously.