Mumbai: Gold shortlived its overnight shortcovering gains and dropped at the domestic bullion market here Saturday on stockists selling driven by massive unwinding at the global level.
Silver also slid owing to hectic speculative selling and lower industrial offtake.
Standard gold (99.5 purity) fell by Rs 415 to end at Rs 27,290 per 10 grams from Friday's closing level of Rs 27,705.
Pure gold (99.9 purity) also dipped by a similar margin of Rs 415 to finish at Rs 27,440 per 10 grams from Rs 27,855.
Silver (.999 fineness) slid by Rs 790 to conclude at Rs 38,050 per kg as against Rs 38,840 yesterday.
In New York, gold sank to settle at the lowest level following stronger than expected US jobs report led the dollar to rise, drawing the attention away from the safe haven metal.
In New York, gold for April delivery shed USD 28.10 to settle at USD 1,234.60 an ounce, while March silver lost 50 cents, to end at USD 16.694 an ounce.
