Gold, silver drop on sluggish demand, global cues

Silver also moved down owing to lack of buying support from industrial users.

Standard gold (99.5 per cent purity) dropped by Rs 115 to finish at Rs 30,280 per 10 grams from last Friday's closing level of Rs 30,395.

Pure gold (99.9 per cent purity) also dropped by a similar margin to conclude at Rs 30,430 per 10 grams as against Rs 30,545 earlier.

Silver (.999 fineness) fell by Rs 50 per kg to end at Rs 38,335 compared to Rs 38,385 previously.

Globally, gold fell as the previous session's upbeat US payrolls data sparked a fresh rally in stock markets and shored up expectations that the Federal Reserve would press ahead with further interest rate hikes this year.

Spot gold was trading down 0.5 per cent at USD 1,316.91 an ounce in early trade.

Among other precious metals, silver was down 0.7 per cent at USD 16.47 an ounce.