Mumbai: Gold prices dropped at local bullion market on August 19 on the account of fresh selling by stockists coupled with subdued local buying support and sluggish overseas sentiment. Silver plunged to a two-month low and closed below the key Rs 44,000 per kilo mark owing to frantic speculative unwinding.
Standard gold (99.5 purity) slipped by Rs 185 to finish at Rs 28,190 per 10 grams as compared to last Saturday's level of Rs 28,375. Pure gold (99.9 purity) also drifted by same margin to settle at Rs 28,340 per 10 grams from Rs 28,525 previously. Silver (.999 fineness) slumped by Rs 470 to conclude at Rs 43,665 per kg against Rs 44,135 last weekend.
Globally, the shiny metal fell below the significant USD 1,300 an ounce mark, spooked by upbeat US data and easing fears over geopolitical unrest amid caution ahead of Fed meet outcome tomorrow. Gold for December delivery settled at USD 1,299.30 an ounce on the Comex division of the NYMEX late on August 18, while silver September contract gained marginally to USD 19.64 an ounce.
