Gold, silver drop on selling, global cues

Gold prices dropped after overnight rally at the bullion market here today on hectic profit selling from traders and investors amidst lack of buying interest at prevailing higher levels. Silver also declined owing to speculative selling on the back of lower industrial offtake. Standard gold of 99.5 per cent purity slipped by Rs 110 per 10 gm to end at Rs 30,290 from Tuesday's closing level of Rs 30,400. Pure gold of 99.9 per cent purity also fell by Rs 120 per 10 gm to finish at Rs 30,410 from Rs 30,530. Silver ready (.999 fineness) slid by Rs 350 to close at Rs 58,790 per kg as compared to Rs 59,140 previously. Overseas, gold was trading lower amid caution ahead of European Central Bank meeting as well as shrinking safe haven appeal following positive economic data's from US and Europe. In Europe, spot gold was bid down at USD 1,668.04 an ounce in early trade and silver was bid lower at USD 31.63 an ounce.