Gold prices dropped sharply to hover near six—month low at the bullion market on Friday on persistent sell—off from stockists and investors triggered by a fall in international markets.

Silver also tanked to one—and—a—half month low and settled below Rs 58,000 per kg—level on heavy speculative selling pressure.

Standard gold of 99.5 per cent purity fell by Rs 190 per 10 gm to finish at Rs 30,090 from Thursday’s closing level of Rs 30,280.

Pure gold of 99.9 per cent purity dipped by a similar margin to end at Rs 30,225 from Rs 30,415.

Silver ready (.999 fineness) slumped by Rs 890 to conclude at Rs 57,330 per kg from Rs 58,220 previously.

“Demand is very low despite the ongoing wedding season as people are hoping for further correction in prices. Also, uncertain global situation is adding to pressure on the yellow metal,” dealers said.

In overseas markets, gold fell to six—month lows on hectic investor selling on weak euro ahead of G—20 meeting amid disappointing eurozone economic data coupled with long Chinese festival holidays.

In Europe, spot gold hit a low of $1,625.44 an ounce in early trade, while silver was a bit down at $30.20 an ounce.

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