Gold, silver drops on subdued demand

MUMBAI: Gold and silver prices fell further at the bullion market here today on continued offering from stockists as well as reduced retail buying amidst bearish international trend.

Standard gold (99.5 per cent purity) declined by Rs 60 per 10 grams to close at Rs 19,825 from Wednesday's closing level of Rs 19,885.

Pure gold (99.9 per cent purity) also dipped by Rs 65 per 10 grams to end at Rs 19,925 from Rs 19,990 over its previous close.

Silver ready (.999 fineness) fell by Rs 60 per kg to conclude at Rs 43,985 from Rs 44,045 yesterday.

In New York, gold prices slid on strong dollar amidst optimistic global economic outlook.

Gold futures for April delivery closed down by USD 8.20 to USD 1,332.10 an ounce on the Comex division of the NYMEX yesterday.

March silver also ended lower by 23 cents to USD 28.29 an ounce.