Gold continues downhill move on global cues, silver tumbles

MUMBAI: Gold prices fell further at the bullion market here today on consistent selling by stockists amidst lower jewellery off-take on the back of bearish overseas market.

Silver also witnessed heavy speculative sell-off from investors owing to lack of industrial demand.

Standard gold (99.5 purity) moved down by Rs 60 to close at Rs 28,385 per 10 gm from Thursday's closing level of Rs 28,445.

Pure gold (99.9 purity) eased by Rs 70 to Rs 28,510 per 10 gm from Rs 28,580 previously.

Silver ready (.999 fineness) plunged by Rs 800 per kg to conclude at Rs 53,690 from Rs 54,490 yesterday.

In Europe, gold were trading sharply lower as investors sold bullion to cover-up losses in equities and commodities amidst deepening worries about Europe's debt crisis.