Gold prices in India on Thursday dropped for two straight sessions by Rs. 20 to reach Rs. 27,000 per ten grams in the national capital as a result of continuous selling by stock market traders among a weak global trend.
Constant selling by stock market traders against slow demand and a weak global trend mostly kept pressure on gold prices for two straight days, traders said.
Gold prices in New York, which usually puts the price trend on the domestic front, declined by $6.30 to reach $1,369.70 an ounce.
Gold of 99.9% and 99.5% purity decreased by Rs. 20 to reach Rs. 27,000 and Rs. 26,800 per ten grams, on the domestic front. It lost Rs. 30 yesterday.
Sovereigns stood stable at Rs. 23,700 per eight grams in controlled buying movement.