Gold drops on reduced buying, silver reclaims Rs 52,000 mark

Gold prices declined modestly at the domestic bullion market today due to reduced off-take from stockists and retail investors at the existing levels amid sluggish global sentiment.
On the other hand, silver continued its strong rally and recaptured the important Rs 52,000 per kg level owing to sustained speculative as well as industrial demand.
Standard gold of 99.5 per cent purity slipped by Rs 65 to conclude at Rs 31,375 per 10 gm from Wednesday's closing level of Rs 31,440.
Pure gold of 99.9 per cent purity lost Rs 55 to finish at Rs 31,530 per 10 gm from Rs 31,585.

Silver ready (.999 fineness) shot up by Rs 450 to end at Rs 52,410 per kg as against Rs 51,960 yesterday.
Globally, the yellow metal fell for the second day on strong dollar amid uncertainty over the US Fed pulling back its bullion-friendly stimulus measures.
Gold for December delivery eased USD 2.50 to settle at USD 1,370.10 an ounce on the Comex division of the NYMEX late yesterday.
Silver September contract also edged lower to close at USD 22.96 an ounce.