Mumbai: Gold prices dropped for the sixth session at the domestic bullion market in Mumbai due to reduced buying from stockists and retailers in spite of global higher cues. Silver also moved down owing to lack of buying support from industrial users.

Standard gold (99.5%) slumped by 00 to finish at 8,065 per 10 grams from Tuesday’s closing level of 8,265. Pure gold (99.9%) also dropped by a similar margin to conclude at 8,215 per 10 grams as against 28,415 earlier.

Also Read: Gold prices lose Rs250 on US rate hike bets

Silver (.999 fineness) dropped by 40 per kg to end at 0,640 compared to 40,880 previously.

In global trade, gold prices edged up on safe-haven buying due to uncertainty over the outcome of Dutch elections, while markets waited for clues on the pace of US interest rate hikes this year.

Spot gold edged up 0.4% to $1,203.31 per ounce in early trade. Spot silver rose 0.5% to $16.92 an ounce.