Gold drops, silver rules stable for the second day

Gold prices dropped at the domestic bullion market here today on subdued offtake from stockists and jewellers coupled with lack of local buying interests.
Silver, however, held steady for the second day in the absence of any large scale buying activity.
Globally, gold prices rose as a rally in the US dollar showed signs of fatigue after the currency hit its highest in nearly 14 years against a basket of currencies the day before.
Standard gold (99.5 purity) fell by Rs 275 to close at Rs 29,605 per 10 grams from Wednesday's finish of Rs 29,880.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 29,755 per 10 grams as compared to Rs 30,030 yesterday.

While, silver (.999 fineness) closed unchanged from its yesterday's level of Rs 42,700 per kg.

London spot gold was up 0.3 percent at USD 1,228.47 an ounce in early European trade, after dropping 0.25 percent in the previous session.
US gold futures rose 0.33 percent to USD 1,228.00 an ounce.
Silver rose 0.36 percent to USD 17.03 an ounce.