Gold drops Rs 75; silver falls by Rs 150

Gold prices dropped by Rs 75 to Rs 31,475 per 10 gram at the bullion market Monday in line with weak global trend.

Silver too fell by Rs 150 to Rs 38,950 per kg.

Traders said the gold and silver prices declined on the back of weak trend overseas. In the national capital, gold of 99.9 per cent purity declined to Rs 31,475 per 10 gram from Rs 31,550 per 10 gram Saturday.

Similarly, gold of 99.5 per cent purity declined marginally to Rs 31,325 per 10 gram from Rs 31,340 per 10 gram.

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Globally, gold dropped 0.57 per cent to $1189.40 per ounce while silver fell 0.63 per cent to $14.62 per ounce in New York.

Sovereign gold, however, remained flat at Rs 24,500 per eight gram.

Silver ready too declined by Rs 150 to Rs 38,950 per kg.

Silver coin rates fell to Rs 72,000 per 100 pieces, from Rs 73,000 earlier. Silver for weekly-based delivery dropped by Rs 130 to Rs 38,520 per kg.

Gold had bounced back by Rs 250 to Rs 31,550 per 10 gram at the bullion market Saturday, breaking its three-day losing streak.