Gold, silver prices drop as jewellers sell off

New Delhi: Gold and silver prices fell in the national capital on Friday, with the precious metal sliding below the Rs 80,000 mark amid heavy selling by jewellers and stockists, according to the All India Sarafa Association.

Besides, traders said a weak trend in international markets also put heavy pressure on bullion prices.

The precious metal of 99.9 per cent purity fell by Rs 1,400 to Rs 79,500 per 10 gram.

It had closed at Rs 80,900 per 10 gram in the previous session.

Silver fell by Rs 4,200 to Rs 92,800 per kg, its biggest fall in the month of December. The white metal had closed at Rs 97,000 per kg in the previous trading session on Thursday.

The price of gold of 99.5 percent purity also fell by Rs 1,400 to Rs 79,100 per 10 grams, while its price was Rs 80,500 per 10 grams the previous day. Comex gold futures fell by $ 18.60 an ounce or 0.69 percent to $ 2,690.80 an ounce. Silver prices fell by 1.42 percent to $ 31.17 an ounce.