Gold drops Rs 150 to Rs 60,200/10 gm; silver slumps Rs 300

Gold prices dropped by Rs 150 to Rs 60,200 per 10 gram in the national capital on Tuesday amid a fall in yellow metal prices globally, according to HDFC Securities.

The precious metal had settled at Rs 60,350 per 10 gram in the previous trade.

Silver also slumped by Rs 300 to Rs 76,700 per kilogramme.

In the overseas market, gold and silver were quoting lower at USD 1,959 per ounce and USD 24.50 per ounce, respectively.

Comex gold fluctuated within a narrow range as traders awaited the outcome of the Federal Reserve and the European Central Bank policy meetings.

Meanwhile, the dollar index traded at a near-two-week peak, weighing on precious metals as a stronger dollar makes bullion more expensive for buyers holding other currencies, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.