Gold drops on selling; silver hits six-week low

Gold prices weakened further to retrace Rs 29,790 per 10-grams level at the domestic bullion market today on steady selling by stockists and traders amid lack of local buying interest as well as bearish global cues.
Silver also fell nearly six-week low to revisit 49K per kg level owing to hectic speculative sell-off.
Standard gold of 99.5 per cent purity slid by Rs 210 to end at Rs 29,790 per 10 gm from last Saturday's closing level of Rs 30,000.
Pure gold of 99.9 per cent purity also dipped by a similar margin to close at Rs 29,935 per 10 gm from Rs 30,145.

Silver ready (.999 fineness) slumped by Rs 510 to conclude at Rs 49,765 per kg as against Rs 50,275 last weekend.
Overseas, gold declined, extending its previous session sharp sell-off weighed by uncertainty over US monetary policy and subdued buying from China.
In London, spot gold was bid lower at USD 1,319.76 an ounce in early trade and silver was bid down at USD 21.60 an ounce.