Gold, silver plunge on sell-off, weak global cues

After a four-session uptrend, gold dropped sharply at the domestic bullion market today on the back of aggressive sell-off by stockists amid subdued demand and weak global cues.
Silver also plummeted and settled below the Rs 55,000 per kg mark owing to renewed speculative unwinding, coupled with reduced industrial off-take.
Standard gold of 99.5 per cent purity slumped by Rs 210 to finish at Rs 29,305 per 10 gm from Wednesday's closing level of Rs 29,515.
Pure gold of 99.9 per cent purity also tumbled by a similar margin of Rs 210 to conclude at Rs 29,445 per 10 gm from Rs 29,655.

Silver ready (.999 fineness) tanked by Rs 650 to end at Rs 54,865 per kg from Rs 55,515 yesterday.
Globally, the yellow metal fell back on strong dollar valuations following robust US macro economic data, fuelling speculation that the Federal Reserve may scale back its asset- buying programme earlier than expected.
Spot gold was bid lower at USD 1,584.99 an ounce in early European trade and spot silver was down at USD 28.76 an ounce.