Gold, silver drop on global cues, sluggish demand

Gold prices dropped at the domestic bullion market here today on selling by stockists and jewellers amid subdued local buying interest also triggered by bearish global markets.
Silver also dipped due to speculative selling and lower industrial buying.
Standard gold (99.5 purity) fell by Rs 130 to close at Rs 26,800 per 10 grams from Wednesday's closing level of Rs 26,930.
Pure gold (99.9 purity) also slid by a similar margin of Rs 130 per 10 grams to end at Rs 26,950 from Rs 27,080.
Silver (.999 fineness) slumped by Rs 400 to finish at Rs 38,440 per kg as against Rs 38,840 yesterday.

Globally, gold declined following speculation over sooner the US fed rate hike after a robust economic data and hopes for resolution to the Greek debt crisis.
In London, spot gold was lower by 0.2 per cent at USD 1,183.00 an ounce in early trade and silver also slid 0.6 per cent at USD 16.42 an ounce.