Gold eases on lacklustre trade, silver drops

Gold prices eased after an overnight surge at the bullion market here today following reduced offtake from traders and jewellers, also influenced by a fall in the international markets.
Silver turned wobbly and slumped on heavy speculative unwinding, once again retracing Rs 45,000 per kg mark.
Standard gold of 99.5 per cent purity declined by Rs 70 to end at Rs 26,630 per 10 gms from Monday's closing level of Rs 26,700.
Pure gold of 99.9 per cent purity moved down by Rs 75 to conclude at Rs 26,765 per 10 gms from Rs 26,840.
Silver ready (.999 fineness) tanked by Rs 1,030 to finish at Rs 45,150 per kg from Rs 46,180 yesterday.

At the global front, gold fell on subdued investor sentiment overlapped by accelerating outflow from Exchange- traded fund (ETF) as well as pressured by stronger dollar.
In Europe, spot gold was bid weak at USD 1,414.41 an ounce in early trade, while silver was bid steeply low at USD 22.74 an ounce.