Gold loses heavily on selling, global cues; silver also slips

Silver also dropped owing to heavy speculative selling, coupled with subdued industrial demand.

Standard gold (99.5 purity) dropped by Rs 310 to close at Rs 29,530 per 10 grams from Thursday's closing level of Rs 29,840.

Pure gold (99.9 purity) dipped by Rs 315 to end at Rs 29,660 per 10 gm from Rs 29,975 previously.

Silver ready (.999 fineness) declined by Rs 290 per kg to conclude at Rs 53,290 as against Rs 53,580 yesterday.

In New York, gold traded lower on strong dollar as well as investor cautiousness over the competency of European summit to tackle eurozone debt crisis.

Gold for August delivery slipped by USD 28 to USD 1,550.40 an ounce on the Comex division of the NYMEX late yesterday.

Silver for July contract lost 70 cents to USD 26.25 an ounce.