Gold drops on investors' unwinding amid global weakness

Gold prices continued to slide for the fifth straight session at the bullion market here due to consistent selling by investors and speculators as well as lacklustre demand from jewellery-makers.
Silver retreated after recent sharp move on the back of subdued industrial demand.
Local traders are playing safe and stayed on the sidelines ahead of the Narendra Modi Government's maiden budget next week amid expectations of duty cut on the metal, a bullion trader said.
Standard gold (99.5 purity) slumped by Rs 115 to end at Rs 27,830 per 10 grams compared to Rs 27,945 last weekend.
Pure gold (99.9 purity) fell by same margin to settle at Rs 27,975 per 10 grams from Rs 28,090.

Silver (.999 fineness) fell by Rs 245 per kilo to conclude at Rs 45,200 against last Saturday's close of Rs 45,445.
Globally, the shiny metal traded weak, pressured by robust US macro data as well as stronger dollar amid heightened speculation that the Federal Reserve may raise interest rates earlier than market anticipations.
Spot gold was lower at USD 1,312.70 an ounce in early European trade.