Gold drops on subdued demand, silver slips below Rs 37k

Gold weakened further at the domestic bullion market here today due to lack of demand from stockists and retailers despite higher overseas cues.
On the other hand, silver prices dropped below the crucial Rs 37,000-mark by tumbling Rs 1,030 amid reduced off-take by industrial units.
Standard gold (99.5 purity) fell by Rs 200 to close at Rs 28,135 per 10 grams from Monday's closing of Rs 28,335.
Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs 28,285 per 10 grams as compared to Rs 28,485 yesterday.
Silver (.999 fineness) plunged by Rs 1,030 to end at Rs 37,630 from Rs 38,660 earlier.

Globally, gold prices rose, boosted by haven demand after North Korea spooked investors by test-launching a long-range missile that the regime claims can reach anywhere in the world.
At early trade, gold for August delivery climbed USD 4.60, or 0.4 per cent, to USD 1,223.80 an ounce, partly reclaiming territory lost in Monday's sell-off. The metal slid 1.9 per cent yesterday, its largest percentage drop since December 2016.
In other metals, silver for September fell 1 cent to USD 16.09 an ounce.