Gold prices dropped Rs 400 to Rs 1,00,020 per 10 grams in the national capital on Wednesday due to continuous selling by stockists, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had settled at Rs 1,00,420 per 10 grams in the previous market close.
In the local market, gold of 99.5 per cent purity slipped Rs 350 to Rs 99,700 per 10 grams (inclusive of all taxes) on Wednesday. It had closed at Rs 1,00,050 per 10 grams on Tuesday. Additionally, silver prices plunged Rs 1,500 to Rs 1,12,500 per kilogram (inclusive of all taxes) on Wednesday.
The white metal had ended at Rs 1,14,000 per kg on Tuesday.
In the overseas markets, spot gold was trading marginally higher at USD 3,326.04 per ounce.
“Meanwhile, the US dollar index climbed to its highest level in more than a week and USD/INR fell at 87 level, weighing further on domestic prices,” Manav Modi, Analyst, Precious Metal Research, Motilal Oswal Financial Services, said.
However, spot silver was trading at USD 37.07 per ounce, down by nearly 1 per cent in the global markets.
Gold drops to 1,00,020/ 10 g, silver plunges1,500
New Delhi, Aug 20 (PTI)