Mumbai: After rising for the two straight sessions, gold prices on Monday dropped by Rs 705 to Rs 28,405 per 10 grams at the bullion market, reflecting weak global cues amid a reduced demand from jewellers.
While, silver also slipped on selling pressure and lost Rs 965 to trade below the Rs 38,000-mark at Rs 37,210 per kg.
Standard gold (99.5 purity) dipped by Rs 695 to settle at Rs 28,415 per 10 grams compared to overnight close of Rs 29,110. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,565 per 10 grams compared to Rs 29,260 on Friday’s closing.
Silver (.999 fineness) also slumped by Rs 965 to conclude at Rs 37,210 per kg as against Rs 38,175.
Globally, gold fell more than two per cent as a rebound in stock markets pointed to a sharper appetite for risk, pulling down prices further from last week’s one-year high.
Spot gold was down 2.2 percent at $1,209.50 an ounce in early trade, while U.S. gold futures for April delivery were down 2.3 percent or $28.80 an ounce at $1,210.80. The industrial metal silver was down 2.6 per cent at $15.30 an ounce.
