Mumbai Overlooking the overnight gains in the US bullion futures, gold and silver futures dropped slightly amid profit-booking of yesterdays sharp gains by traders during initial hours of trade on the Multi Commodity Exchange (MCX) Saturday. Both the precious metals were though lacking wide movement as international markets are closed today for the weekend. While October gold dropped Rs 15/10gm; December silver traded down Rs 56/kg.

Gold held onto some of its early flight-to-quality gains in a volatile trading session Friday as the financial markets continue to monitor congressional negotiations over a proposed bank-bailout plan, traders and analysts said. December gold rose USD6.50 to USD888.50 an ounce on the Comex division of the New York Mercantile Exchange. December silver rose 22.8 cents to USD13.503.

MCX October gold contract opened down Rs 23 at Rs 13,131/10gm. The contract fluctuated between Rs 13,101 and Rs 13,140/10gm. At 11.03 am IST, the contract traded down Rs 15 at Rs 13,139/10gm.

MCX December silver opened down Rs 16 at Rs 21,125/kg. The contract tossed between Rs 21,030 and Rs 21,125/kg. At 11.04 am IST, the silver contract traded down Rs 56 at Rs 21,085/kg.

(With inputs from Dow Jones Newswire)