Gold prices dropped at the bullion market here today due to profit booking by stockists and traders at higher levels, triggered by a sharp slide in global markets.
Silver too plunged on heavy stockists selling coupled with reduced demand from industrial users.
Gold is witnessing high amount of volatility in domestic markets due to global developments caused by uncertainty over euro zone debt woes and is very difficult to predict the movement of the yellow-metal, traders said.
Standard gold (99.5 purity) dropped by Rs 145 per ten grams to close at Rs 18,090 from overnight close of Rs 18,235.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 18,180 as against Rs 18,325 yesterday.
Silver ready (.999 fineness) tanked by Rs 360 per kilo to conclude at Rs 29,135 from Rs 29,495 previously.
In New York, gold for June delivery lost $21.5O, or 1.8 pe cent to settle at $1,193.10 an ounce on the Comex division of the NYMEX.
Silver for July delivery also lost 76 cents, or 4 per cent to $18.11 an ounce.
