Gold drops, silver rules stable

Gold prices dropped at the domestic bullion market here today on subdued offtake from stockists and jewellers coupled with lack of local buying interests, even as it strengthened overseas.
Silver, however, held steady in the absence of any large scale buying activity.
Standard gold (99.5 purity) fell by Rs 30 to close at Rs 28,850 per 10 gram from Monday's finish of Rs 28,880.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 29,000 per 10 grams as compared to Rs 29,030 yesterday.
While, silver (.999 fineness) closed unchanged from its yesterday's level of Rs 40,360 per kg.

Globally, gold steadied after setting a one-month high as rising political uncertainty in Europe stoked safe haven demand.
Spot gold touched a one-month high of USD 1,270.47 before pulling back 0.2 per cent to USD 1,263.77 per ounce at early trade.
Among other precious metals, silver marked its highest level since April 27 at USD 17.47 an ounce. It was last flat at USD 17.36.