Gold, silver drop on stockists selling

Breaking a four-day rally, gold prices fell back sharply at the bullion market here today due to stockists selling amidst global cues.
Silver also declined following speculative selling and lacklustre industrial demand.
Standard gold (99.5 purity) dipped by Rs 115 to finish at Rs 25,845 per 10 grams from yesterday's closing level of Rs 25,960.
Pure gold (99.9 purity) also declined by a similar margin to end at Rs 25,995 per 10 grams as compared to Rs 26,110.
Silver (.999 fineness) also moved down by Rs 120 per kg to finish at Rs 34,045 from Rs 34,165 earlier.
Globally, gold prices fell 1 by percent, retreating from the previous day's nine-week high as stock markets rebounded after this week's rout and the dollar strengthened.

Spot gold peaked at USD 1,112 but quickly pared gains. It was down 1 percent at USD 1,097.30 an ounce in early trading, while US gold futures for February delivery were down USD 9.90 an ounce at USD 1,097.90.
Silver was down 1.9 percent at USD 14.02 an ounce.