Gold falls by Rs 120; silver steady

New Delhi, May 4. Gold prices today dropped by Rs 120 to trade at Rs 27,750 per 10 grams in the bullion market here due to subdued demand at prevailing higher levels. However, silver held steady at Rs 46,000 per kg in restricted buying from industrial units and coin makers. Traders said subdued demand at current higher levels kept gold prices under pressure. Gold of 99.9 and 99.5 per cent purity fell by Rs 120 each to Rs 27,750 and Rs 27,550 per ten grams respectively. It had gained Rs 255 yesterday. Sovereign followed suit and shed Rs 100 to Rs 24,000 per piece of eight gram. On the other hand, silver ready held steady at Rs 46,000 per kg while weekly-based delivery rose by Rs 160 to Rs 45,160 per kg on speculative buying support. Silver coins met with resistance at prevailing higher levels and dropped by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.