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Gold prices dropped to one—and—a—half month low at the domestic bullion market here on Tuesday on sustained profit—taking by stockists and investors, driven by bearish global cues.
Silver also dipped on consistent speculative selling amid subdued industrial demand.
Standard gold (99.5 purity) fell by Rs 155 per 10 gm to end at Rs 30,800 from Monday’s closing level of Rs 30,955.
Pure gold (99.9 purity) also slid by Rs 150 per 10 gm to close at Rs 30,945 from Rs 31,095.
Silver ready (.999 fineness) slumped by Rs 625 per kg to finish at Rs 60,490 as compared to Rs 61,115 yesterday.
In New York, gold nose—dived on investors selling amid strong dollar following better than expected US economic data which resulted overall rally in global stock markets lessening the metal’s investment appeal.
Gold for December delivery tanked $22.10 to $1,737.60 an ounce on the Comex division of the NYMEX late yesterday.
December silver contract fell 93 cents to $32.74 an ounce.
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