MUMBAI: Gold prices slid further at the bullion market here today on heavy profit taking from stockists and investors amidst weak trend in global markets, where precious metals posted their biggest-ever single day drop. Silver also tumbled on hectic speculative selling in the absence of industrial demand as the precious metals continued their losing spree for the third straight day. Standard gold (99.5 purity) declined Rs 125 to end at Rs 29,940 per 10 grams from Thursday's closing level of Rs 30,065. Pure gold (99.9 purity) also dipped by a similar margin to conclude at Rs 30,075 per 10 gm from Rs 30,200 previously. Silver ready (.999 fineness) plunged by Rs 980 per kg to finish at Rs 53,720 as against Rs 54,700 yesterday. In New York, gold fell sharply on strong US dollar as well as a string of negative economic data. Gold for August delivery dropped $ 50.30 to $ 1,565.50 an ounce on the Comex division of NYMEX late yesterday. July silver also stumbled $ 1.55 to $ 26.84 an ounce. This was the biggest-ever single day drop in prices of precious metals in international markets.

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