Gold price slumps on selling, silver slips

Gold price

Gold prices dropped sharply at the domestic bullion market today due to aggressive selling by stockists and investors on the back of weak demand.

Silver fell further on sustained unwinding from speculators amid subdued industrial off-take.

Standard gold of 99.5 per cent purity fell by Rs 190 to end at Rs 30,345 per 10 grams from yesterday's closing level of Rs 30,535.

Pure gold of 99.9 per cent purity shed Rs 180 to conclude at Rs 30,485 per 10 grams from Rs 30,665.

Silver ready (.999 fineness) went down by Rs 165 per kg to finish at Rs 58,095 over its previous close of Rs 58,260.

On the global front, the yellow metal fell back on strong dollar valuation amid cautious trading ahead of rate decision by the European Central Bank.

Gold for February delivery slipped by USD 6.70 an ounce to settle at USD 1,655.50 an ounce on the Comex division of the NYMEX late yesterday and silver for March contract eased to close at USD 30.25 an ounce.

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