Gold prices dropped at the bullion market on Tuesday on sustained selling by stockists and investors, driven by subdued retail demand as well as weak global cues.
Silver also fell on heavy speculative selling amid poor industrial demand.
Standard gold of 99.5 per cent purity slid by Rs 180 per 10 gm to end at Rs 30,255 from Monday’s closing level of Rs 30,435.
Pure gold of 99.9 per cent purity also dipped by a similar margin of Rs 180 per 10 gm to close at Rs 30,395 from Rs 30,575.
Silver ready (.999 fineness) slumped by Rs 680 to finish at Rs 58,100 per kg from Rs 58,780 yesterday.
At the global front, gold fell to five—week low on G—7 statement over averting—currency war among groups nations coupled with long Asian—festival holiday’s putting pressure on investors.
Gold for April delivery tanked $17.80 to $1,649.10 an ounce on the Comex division of the NYMEX late yesterday.
Silver for March contract declined 53 cents to $30.91 an ounce.