Gold prices dropped at the domestic bullion market on Saturday on hectic profit—selling from stockists and investors amid subdued demand from retailers.
On the other hand, silver recovered modestly on good speculative as well as industrial demand.
Standard gold of 99.5 per cent purity fell by Rs 175 per 10 gm to close at Rs 27,150 from yesterday’s closing level of Rs 27,325.
Pure gold of 99.9 per cent purity also slipped by Rs 175 per 10 gm to finish at Rs 27,285 from Rs 27,460.
However, silver ready (.999 fineness) moved up by Rs 50 to conclude at Rs 46,275 per kg as compared to Rs 46,225 previously.
On the global front, gold finished with a modest loss yesterday as better—than—expected US job data softened the precious metal’s safe—haven appeal.
Gold for June delivery fell by $3.40 to settle at $1,464.20 an ounce on the Comex division of the NYMEX late yesterday. However, Silver July contract gained to settle at $24.01 an ounce.