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Gold dropped at the domestic bullion market on Wednesday and settled below the Rs 27,000 per 10 gm level due to reduced demand from stockists and jewellers amid global bearishness.
Silver also witnessed frantic speculative unwinding and plunged below the key Rs 45,000 per kg mark.
Standard gold of 99.5 per cent purity shed Rs 270 to finish at Rs 26,760 per 10 gm from Tuesday’s closing level of Rs 27,030.
Pure gold of 99.9 per cent purity fell by Rs 255 to conclude at Rs 26,900 per 10 gm, as compared to Rs 27,155.
Silver ready (.999 fineness) tumbled by Rs 715 to end at Rs 44,695 per kg from Rs 45,410 yesterday.
Globally, gold continued to drift for the fourth straight session on strengthening dollar valuations amid investor selling as well as ongoing uncertainty over US monetary stimulus programmes.
Gold for the June delivery lost $9.80 to settle at $1,424.50 an ounce on the Comex division of the NYMEX late yesterday.
Silver for the July contract lost 32 cents to settle at $23.38 an ounce.
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