According to New Delhi news on May 18, gold prices in India dropped by Rs.110 to Rs.26,700 per 10 grams in the national capital on Saturday on cheap off take against stock market traders selling triggered by a weak global trend.
Stock market traders selling pushed with a weak global trend as the USD increased to a 34-month high and the Fed said US monetary stimulus may be reduced within months, mostly affected the sentiment.
Gold price in New York, which in general put price trend on the domestic front, dropped by 1.6% to reach $1,364.70 an ounce.
In addition, retail trades ceased from making new purchases on off marriage and festival season, which reduced the sentiment.
On the domestic front, gold of 99.9% and 99.5% purity declined by Rs. 110 each to reach Rs. 26,700 and Rs. 26,500 per ten grams.
Sovereign remained to be asked about the previous level of Rs. 23,700 per 8 grams.
As speaking, silver remained stable at Rs. 43,700 per kg whereas weekly-based delivery decreased by Rs. 300 to reach Rs. 43,655 per kg on absence of speculators buying support.