Gold drops on reduced offtake, global cues

Gold prices dropped at the domestic bullion market here due to reduced demand from stockists and retailers on the back of bearish global cues.
Silver continued its slide following heavy speculative sell-off and sluggish industrial demand.
Standard gold (99.5 purity) declined by Rs 140 to end at Rs 26,945 per 10 grams from Tuesday's closing level of Rs 27,085.
Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 27,095 per 10 grams from Rs 27,235.
Silver (.999 fineness) slumped by Rs 850 to finish at Rs 37,000 per kg as compared to Rs 37,850 yesterday.

In the New York market, gold lost ground yesterday, erasing early gains that followed worldwide turbulence briefly triggered by hand-wringing over Russia's rapidly tumbling rouble.
Gold for February delivery moved down to close at USD 1,194.30 an ounce and silver dived to USD 15.75 an ounce at the NYMEX.