Mumbai: Gold prices dropped by Rs155 per ten grams at the bullion market here on Saturday due to lack of local buying interest and stockists offerings amidst weak global cues.
Silver also fell on the back of poor industrial support.
Standard gold (99.5 purity) declined by Rs155 per ten grams to end at Rs16,445 from overnight closing level of Rs16,600.
Pure gold (99.9 purity) dropped by a similar margin of Rs155 per ten grams to finish at Rs16,530 as against Rs16,685 on Friday.
Silver ready (.999 fineness) slipped by Rs215 per kilo to conclude at Rs26,975 from Rs27,190 previously.
In New York, gold for April delivery down by $6.50 to $1,101.70 an ounce at the New York Mercantile Exchange.
Silver for April delivery lost by 9 cents to $17.04 an ounce.