Gold, silver drops on reduced offtake, global cues

Cutting short two-day gains, gold and silver dropped at the bullion market here following reduced stockist offtake and speculative selling driven by lower international market.
Prices of standard gold (99.5 purity) fell by Rs 180 to end at Rs 26,580 per 10 grams from Monday's closing level of Rs 26,760.
Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 26,730 per 10 grams as against Rs 26,910 previously.
Silver (.999 fineness) also slumped by Rs 650 to conclude at Rs 37,290 per kg from to Rs 37,940 yesterday.
On the global front, in New York gold price settled lower late yesterday.

In New York, gold for April delivery fell USD 4.90 to close USD 1,208.20 an ounce in late trade, while May silver declined by 10.7 cents to USD 16.451 an ounce.